On-chain analyst PlanB, BitcoinHe now says BTC could reach new highs faster than most think.
In a new strategy session, PlanB provides an update on his stock-to-flow (S2F) model for Bitcoin, which aims to predict long-term market cycles based on BTC halvings, where miners’ rewards are halved.
The next Bitcoin halving will occur in April 2024.
The analyst uses color-coded dots that indicate the number of months until the halving and serve as a time-based indicator for potential bull runs that have historically coincided with each halving.
Based on previous cycles, PlanB says a rally to around $60,000 is likely. But he also says a potential price ceiling around $532,000 is in play after the halving.
“After these halvings, the Bitcoin price is rising… This is what I expect to happen again in April 2024. The price will rise rapidly towards this new line at 532,000 BTC. But for now, until the next halving, historically, these blue dots touch the gray line again. “It wouldn’t surprise me if we slowly move up towards the model value of $55,000 – $60,000.”
PlanB recently shared a chart with his 1.8 million followers on social media platform X showing what price the majority of BTC is distributed at each halving.
Based on the historical trend where BTC peaks at a price approximately 4x higher than the lower end of its distribution range, PlanB crypto- He said the king could rise above the half-million dollar range in the next few years.
He also said that the next bull run could be even more explosive than in the past due to various macro factors affecting the 2021 cycle, such as Covid-19.
“During the 2012 halving, most Bitcoin was below $16.
During the 2016 halving, most BTC was in the $256-1024 range.
During the 2020 halving, most BTC was in the $4,000-$16,000 range.
At the 2024 halving, most BTC will be in the $16,000-$65,000 range.
“I wouldn’t be surprised if most of the BTC is transferred in the $65,000-$524,000 range in the next four years.”
