PlanB, one of the popular analysts of the crypto money world, has managed to come to the fore with its new predictions. bitcoin Commenting on the price, the analyst believes that the price can reach a level between $ 40,000 and $ 50,000. According to the analyst, the reason for this rise is the “halving” event that will take place next year.
A halving is an event where BTC block rewards are halved and occurs approximately every four years.
The analyst begins his prediction with the question of what could happen in April 2024, drawing attention to the 200-week moving average.
The 200-week moving average is currently rising by about $500 per month, meaning nine times $500 will be $4,500, and Bitcoin’s 200-week moving average is currently just under $28,000, i.e. $28,000 plus $4,000, approximately $32,000 at the halving (200-week moving average). ) moving average.
NEWS CONTINUES BELOW
According to PlanB, Bitcoin has the strength to stay above these levels and even tends to rank 50% higher. This means that with the halving event, the levels of $ 40,000 and $ 50,000 are possible.
In a prediction he made last month, the analyst stated that there are “signals” indicating that the Bitcoin price is ready for a bull run. The analyst stated that BTC’s rise above the two-year realized cost price historically indicates that it is about to start a rally.
The actual cost price of Bitcoin is a metric that takes the average value of the BTC supply calculated over the price at which the coins were last moved.
You can follow the current price action here.