- Popular Bitcoin advocate PlanB shared a graph depicting the distribution of BTC prices at each halving event and suggested that BTC is currently in a pre-bull market phase.
- PlanB believes that the last bull cycle was largely supported by significant macro events like COVID-19 and global inflationary fiat currencies.
- The analyst stated that Bitcoin is unlikely to trade below $32,000 before the halving event.
Bitcoin and halving event and price predictions from analysts: What price levels will Bitcoin target in bull seasons?
Bitcoin Bull Season Price Predictions
One of the renowned analysts, PlanB, thinks that Bitcoin (BTC) could reach an unprecedented all-time high of $524,000 in the upcoming bull cycle.
The popular Bitcoin advocate shared a graph showing the distribution of BTC prices at each halving event and presented a graph indicating a historical trend where BTC usually reaches peaks up to four times higher than the lower bound of the distribution range. He predicts that BTC could be in the range of $16,000 to $65,000 after the next halving and a potential peak could occur in the range of $65,000 to $524,000.
PlanB also believes that the last bull cycle was largely supported by significant macro events like COVID-19 and global inflationary fiat currencies. Like other popular crypto figures, the analyst thinks that there will be two powerful narratives in 2024 – halving and a potential Bitcoin spot ETF – making the next bull market more explosive.
PlanB shared a chart indicating that BTC has been trading above realized price levels for over two years and five months. The realized price metric is used to divide the total number of Bitcoins in circulation by the last prices they traded on-chain.
The analyst stated that Bitcoin is currently in a pre-bull market phase and is likely not to trade below $32,000 before the halving. However, based on observed trends, he warned followers that BTC is unlikely to stay below $40,000 for an extended period.
What’s Next for BTC?
As of the time of writing, BTC is trading at $37,040, experiencing a slight 1.05% decrease in the past seven days. Many altcoins, including ETH and BNB, started the week in the red. As bulls and bears struggle for control in the market, analysts share interesting Bitcoin price predictions.
While PlanB believes that 2024 could see unprecedented all-time highs for the crypto asset, renowned traders like CryptoCon and Ali Charts are targeting ranges between $40,000 and $50,000. Despite the short-term pullback today, BTC’s Fear and Greed Index has flashed Greed for 30 consecutive days, a phenomenon not seen in two years.
