Bitcoin Bull Run Predicted Post-April 2024, Says Analyst Planb
The prominent cryptocurrency Bitcoin (BTC) is expected to enter its next phase of bullish growth after the forthcoming halving event, according to renowned analyst PlanB. The halving event, which is predicted to trigger the bull run, is anticipated to commence post-April 2024.
PlanB's "stock-to-flow" Bitcoin price model suggests that Bitcoin's performance will align with an updated version of this model. This model emphasizes the increasing scarcity of Bitcoin as a key driver for its price growth. With Bitcoin's issuance decreasing by 50% every four years, the asset becomes progressively scarcer, thereby amplifying its price.
The analyst predicts that the upcoming bull run could extend for a minimum of eight months, leading Bitcoin to potentially reach its cycle high in the first quarter of 2025 at the earliest. Significant events in the liquidation phase were also noted by PlanB, including the collapses of the Terra (LUNA) and FTX ecosystems.
PlanB had previously indicated on Monday that Bitcoin's bear market might have ended as of July 2023. He also pointed out that Bitcoin's post-FTX performance was the weakest in the history of the cryptocurrency. However, despite the overall effectiveness of the stock-to-flow model over large time frames, its accuracy has been questioned since Q4 2021 when it failed to accurately forecast certain trends.
In anticipation of the next bull run, PlanB has simplified its model. He previously used a color-coded system to denote the distance between the halving and specific phases of Bitcoin's price performance. Now, he applies a more intuitive "accumulation-bull market-bear market-liquidation" model.
Despite these changes, PlanB maintains that investor psychology around Bitcoin will remain largely unchanged during the next bull market. At press time, Bitcoin was trading at $27,300 per unit.
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