Widely followed analyst PlanB is predicting the timeline for Bitcoin (BTC) to spark a rally to new all-time highs.
In a new video update, the quant analyst tells his 96,300 YouTube subscribers that BTC is unlikely to ever dip below $31,000 again based on Bitcoin’s 200-week moving average.
“Historically when Bitcoin is diverging from the moving average line, [it] won’t drop below that line, so that could mean – not a guarantee – but it could mean, that’s also my opinion, that we will not drop below $31,000 again. It’s sort of the floor at the moment.
The nice thing is that this floor is rising because as you can see the 200-week moving average is always going up, it’s always rising, so next month it will not be $31,000, it could be $32,000 or $35,000.”
PlanB goes on to say that the top crypto asset by market cap will likely see a new all-time high in Q4 of this year before ultimately crashing.
“After the 90% [orange dots] always comes 100% [red dots], the new all-time high. So this means that we [will] see another all-time high before another crash in my opinion, and usually that is six months after the halving, so that would be October [of] this year, we could see a new all-time high.”
BTC’s next halving is slated for April and will see miners’ Bitcoin rewards cut in half.
Bitcoin is trading for $42,860 at time of writing, a fractional decrease during the last 24 hours.
Generated Image: Midjourney
Credit: Source link
