Cryptocurrency trader and analyst known as “PlanB” has made a bold prediction regarding the price of Bitcoin in a recent YouTube video. PlanB anticipates that Bitcoin will reach $55,000 by the upcoming halving event, which is expected to occur in April.
The halving, which reduces Bitcoin miners’ rewards, has historically been associated with bullish trends in the cryptocurrency market.
In addition to the $55,000 prediction for the halving, PlanB envisions further short-term growth for Bitcoin. Over the next four months, he suggests that the leading digital asset could achieve a price range of $50,000 to $60,000. These forecasts indicate optimism surrounding Bitcoin’s near-term performance.
Post-halving outlook: $100K by year-end
PlanB’s bullish sentiment extends beyond the halving, believing that Bitcoin can surge even higher post-event. He predicts that Bitcoin could reach $100,000 by the end of the year, offering hope to investors seeking substantial returns.
Looking further into the future, PlanB maintains a positive outlook for Bitcoin. He anticipates a gradual but substantial increase in its price, with a target of $532,000 by 2025. This long-term projection suggests sustained growth for the pioneer cryptocurrency.
PlanB’s analysis incorporates the concept of Bitcoin being in an “accumulation stage”. According to him, this phase will be followed by a bullish pump, in line with his Stock-to-Flow model. The Stock-to-Flow model, which evaluates the scarcity of Bitcoin, has gained attention in the cryptocurrency community for its potential to predict price movements.
Market volatility surrounding ETF expectations
PlanB’s predictions come amid heightened expectations surrounding the approval of a Spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). Since late last year, speculation about an imminent ETF approval has driven up cryptocurrency prices. However, recent concerns were raised when Matrixport hinted at a potential ETF rejection, leading to a flash crash in the crypto market. Bitcoin dropped below $40,000 shortly after surpassing its all-time high from 2023.
Despite the momentary setback, renewed optimism regarding an ETF approval has contributed to Bitcoin’s recent recovery. At the time of writing, the digital asset is trading at $43,894, reflecting a 1.84% increase in the past 24 hours, according to CoinMarketCap data.
PlanB envisions exponential growth for Bitcoin over the next ten years in its long-term outlook. He suggests that the token’s price could increase tenfold from its current levels, providing a tempting prospect for long-term investors.