Analyst’s Predictions
Renowned analyst PlanB has shared his insights on Bitcoin’s (BTC) trajectory, forecasting a rally to new all-time highs. In a video update, he addressed the likelihood of BTC dropping below $31,000, emphasizing that it’s improbable based on Bitcoin’s 200-week moving average.
Bitcoin’s Floor Price
PlanB explained that historically, when Bitcoin diverges from its moving average line, it tends to remain above that line. This suggests that $31,000 could serve as a floor price for Bitcoin, with the possibility of it rising in the future as the moving average continues to increase.
New All-Time High in Q4
PlanB predicts that Bitcoin will reach a new all-time high in the fourth quarter of 2023 before experiencing a crash. He draws this conclusion from historical patterns, noting that a 90% increase (orange dots) is typically followed by a 100% increase (red dots), resulting in a new all-time high.
Halving Impact
PlanB also mentioned the upcoming Bitcoin halving in April, which will reduce miners’ rewards by half. This event historically coincides with a surge in Bitcoin’s price, and PlanB suggests that the new all-time high could occur around October of this year, six months after the halving.
Current Market Conditions
At the time of writing, Bitcoin is trading at $42,860, showing a slight decrease over the past 24 hours.
Disclaimer
FastPayCrypto emphasizes that the opinions expressed in the article are not investment advice. Investors are advised to conduct thorough research before making high-risk investments in Bitcoin, cryptocurrency, or digital assets.
