The post PlanB: Bitcoin Bear Market Over, Bull Run to Start After 2024 Halving appeared first on Coinpedia Fintech News
Intriguing times lie ahead for Bitcoin enthusiasts as renowned analyst PlanB shines a light on the cryptocurrency’s future, forecasting a substantial surge in value slated to unfold post-April 2024. What’s the driving force behind this highly anticipated upswing, you ask? Well, PlanB points to none other than the next halving event.
PlanB’s Stock-to-Flow Model
The PlanB analysis is based on a forecasting model called the “stock-to-flow” model, which serves as the foundation for his predictions. This model revolves around Bitcoin’s increasing scarcity, consequently driving its price upwards.
You see, Bitcoin’s supply gets cut in half roughly every four years, which makes it rarer and more valuable. Consequently, experts anticipate this highly awaited process to begin following the next halving event, scheduled for April 2024.
Prepare for a Bull Run!
PlanB believes that this ongoing bullish market could extend for a minimum of eight months. Furthermore, there is speculation that Bitcoin may achieve its highest value by early 2025. This intriguing development holds considerable interest for individuals with investments in Bitcoin.
During the liquidation phase, PlanB has observed significant events, specifically the challenges faced by the Terra (LUNA) and FTX ecosystems. These developments highlight the ever-changing and occasionally unstable nature of the cryptocurrency landscape.
The Turning Point
PlanB believes that the bear market for Bitcoin may have already concluded in July 2023. Additionally, he noted that Bitcoin’s performance following the FTX phase left much to be desired. It’s worth noting that while PlanB’s model generally offers a broad outlook, it encountered difficulties in late 2021 when it failed to accurately predict certain market trends.
PlanB has simplified his model for better comprehension, instead of employing complex terminology, he now employs a more straightforward approach by utilizing the “accumulation-bull market-bear market-liquidation” model to discuss the fluctuation of Bitcoin’s price over time. This modification reflects the rapid pace of the cryptocurrency world.
Despite the implemented changes, PlanB maintains the belief that people’s sentiments towards Bitcoin will remain relatively unchanged throughout the upcoming bullish market.