Bitcoin Bliss: PlanB Encourages Enjoyment as BTC Dips Below $40K, Forecasts $100K Average Price in 2024

Bitcoin's Countdown: #PlanB Signals the End of Sub-$40K

In a recent post on X (formerly Twitter), PlanB, the creator of the renowned stock-to-flow BTC price models, suggests that Bitcoin is in its "pre-bull market" phase, hinting that the current levels of around $40,000 won't stick around for much longer. According to PlanB, Bitcoin is poised to surge beyond its recent 18-month highs, and the clock is ticking for investors to seize the opportunity below the $40,000 resistance.

Using realized price data, #PlanB supports his optimistic outlook on long-term #BTC price growth. Realized price, calculated by dividing Bitcoin's realized cap by the current supply, currently hovers just below $21,000. The creator notes that bear market bottoms are marked by the spot price dropping below the realized price, while bull markets kick off when the spot crosses specific realized price levels related to "younger" coins. With BTC/USD now above all three realized price iterations, PlanB advises enthusiasts to "enjoy sub-$40K bitcoin... while it lasts."

Despite previous criticisms and the acknowledgment that Bitcoin didn't meet expectations during the 2021 bull market, PlanB maintains a positive stance, projecting an average BTC price of at least $100,000 between 2024 and 2028 — encompassing Bitcoin's next halving cycle. This aligns with a growing trend of six-figure predictions for the next cycle, converging around $130,000 by the end of 2025. As the market anticipates the halving in April 2024, further analysis suggests a return to around $46,000. In the eyes of PlanB, Bitcoin is on the cusp of a real bull market launch.

#Blast #Bitcoin2024 $BTC