Is Bitcoin nearing $50K in coming months?

In a recent video update, renowned quant analyst PlanB shared his projections for Bitcoin (BTC), suggesting that the cryptocurrency could experience a significant surge in price in the coming months. With Bitcoin’s next halving event approaching, analyst envisions the possibility of BTC reaching anywhere between $40,000 and $50,000.

The halving event, which occurs approximately every four years, involves a reduction in BTC block rewards by half. PlanB, known for its data-driven approach, believes that the upcoming halving will play a crucial role in driving Bitcoin’s price to new heights. 

What will the price of Bitcoin be at the 2024 April halving?

During his recent strategy session on the YouTube channel, PlanB, which boasts an audience of 58,200 subscribers, outlined his reasoning behind this forecast. He relies on the 200-week moving average as a key indicator and notes that it is currently increasing at a rate of about $500 per month. By extrapolating this trend, he estimates that the 200-week moving average at the time of the April 2024 halving would be around $32,000.

Also Read: Is $40,000 Still a Viable Target for the Bitcoin (BTC) Price for July 2023?

Will PlanB’s projections spark Bitcoin’s surge?

While analyzing the historical data, PlanB points out that Bitcoin’s price at previous halvings has typically been around 50% higher than the 200-week moving average. Whereas, based on this previous pattern, he suggests a potential price range of $40,000 to $50,000 for Bitcoin when the next halving occurs in 2024. 

Similarly, last month, PlanB made a passing reference to an indication that suggested an impending bull run for the leading cryptocurrency. While he suggested that when Bitcoin’s price surpasses its two-year realized cost price, it historically triggers a rally. This additional analysis further supports his optimistic outlook for BTC.

At the time of writing, Bitcoin is currently trading at $30,450, representing a fractional increase in the past 24 hours. If PlanB’s projections were to materialize, Bitcoin would experience a notable increase of 31% to 64% from its current value, providing potential opportunities for investors and enthusiasts alike.