Booming BTC Predicition: Bitcoin To Hit $50k, Plan B Says

There is a new Bitcoin-related prediction out these days. Check out the latest reports about the price of BTC.

At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $29,974.

According to a popular cryptocurrency analyst, Bitcoin (BTC) may reach a value ranging from $40,000 to $50,000 in the upcoming months.

In a recent strategy session, quantitative analyst PlanB shared with his 58,200 YouTube followers that he predicts the cryptocurrency to experience a significant price increase as it approaches its next halving event.

The halving is an event when BTC block rewards are cut in half, which happens about every four years.

PlanB said the following:

“The big question is [what] will the price of Bitcoin be at the 2024 April halving? We can try and estimate that from only this 200-week moving average…”

He continued and said this:

“The 200-week moving average increases currently at about $500 a [month], so nine times $500 will be $4,500, and Bitcoin’s 200-week moving average right now is a little under $28,000, so $28,000 plus $4,000 is well [a] $32,000 dollars (200-week) moving average at the halving approximately.

And Bitcoin would be above that right, and usually it would be like 50% above that, which would indicate a range of Bitcoin at the halving between $40,000 and $50,000.”

In the previous month, an analyst suggested that the primary cryptocurrency by market capitalization is likely to experience a bullish run.

The analyst, known as PlanB, pointed out that historical data shows that when Bitcoin’s price surpasses its two-year average cost, it indicates an upcoming rally.

The realized cost price of Bitcoin is a measure that determines the average value of BTC supply based on the price at which coins were last moved.

If Bitcoin were to reach the predicted range by PlanB, it would experience a rise of 31% to 64%, which would be a significant boost for the popular cryptocurrency.