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.
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.
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.