A quant analyst now makes a Bitcoin prediction of a whopping $500k based on just one benchmark indicator — says he’s doubling down.
The popular cryptocurrency analyst known as PlanB, who has nearly 1.9 million followers on the social media platform X, has reaffirmed his bullish long-term price prediction for Bitcoin (BTC) despite the cryptocurrency’s recent sideways trading.
Responding to a follower’s question about Bitcoin’s recent price choppiness, PlanB stated that he still believes Bitcoin is on track to reach an average price of $500,000 between now and 2028.
“Great question.
The boring six-month trading range did not really surprise me.
Of course, my hope was for a sooner pump.
But I have become very patient: as long as Bitcoin stays within the (wide) flight envelope (which it does!) it’s all OK.
So my target (since 2019) is $500,000 average for 2024-2028 halving period, with $250,000-$1 million range.”
PlanB explained that based on Bitcoin’s historical behavior after reaching the 200-week moving average, he believes BTC may be poised for a significant 7 to 10 times price increase in the coming period.
“Bitcoin increased 4x from the bottom in 2022 to now. Historically 7-10x follows from here.
What do you think Bitcoin will do next 12 months?”
Furthermore, the analyst suggested that increased institutional adoption of Bitcoin will not alter its market cycles, but rather contribute to its overall price trajectory.
“No, I don’t think institutional investors like [BlackRock] change the pattern, they are part of the (adoption) pattern, we need them to continue the pattern!” he stated.
Separately, the anonymous host of the InvestAnswers YouTube channel believes a short squeeze is approaching for Bitcoin (BTC).
“The big story here is perpetual swap funding rates, averaged at negative levels over the past week, while open interest has sharply increased.
This suggests aggressive shorting, structurally creating a setup for a ripe short squeeze.
These are the funding rates and I encourage you to focus your eyes on the bottom with the red dips.”
So, is a Bitcoin short squeeze underway?
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Also Read: Kamala Harris Is Now Proposing Raising Crypto Tax to 28%
Other Crypto News Today
75% of Bitcoin (BTC) has now been held for more than 6 months according to fresh on-chain data that has been released.
A recent analysis of Bitcoin’s blockchain activity reveals that a significant portion of the cryptocurrency, roughly three-quarters, has remained untouched for at least six months.
This data, gathered by the blockchain analytics platform Glassnode, indicates that a large amount of Bitcoin is being held long-term, suggesting a strong belief in the asset’s future value.
This trend is particularly noteworthy given the recent price decline of Bitcoin, which has fallen by 21% from its all-time high.
Just a week ago, only about 45% of Bitcoin was inactive for at least six months, showing a rapid increase in long-term holding.
This suggests that despite recent price fluctuations, many Bitcoin holders remain confident in the asset’s long-term potential.
The fact that a large portion of Bitcoin hasn’t moved in months suggests that many investors are treating it as a long-term investment, holding onto it with the expectation that its value will rise in the future.
This “hodling” behavior also has the effect of reducing the amount of Bitcoin available for trading.
With less Bitcoin available and demand remaining high, the price of Bitcoin could potentially increase.
Experts had recently touched on Bitcoin’s major drop, but the cryptocurrency has now recovered since it’s monthly lower levels.
At the time of this publication, Bitcoin (BTC) is trading at 59,036.50.
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Also Read: Here Is What Experts Are Now Saying About Bitcoin’s Plunge
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