PlanB, the creator of the Bitcoin Stock-to-Flow (S2F) model, predicted that the BTC price will remain above $32,000 until the halving event in 2024. PlanB thinks BTC will hover in the $32,000-$64,000 range during the pre-bull market phase and remain at these levels until the next halving. 😮

Bitcoin halving is an event that halves BTC production and mining reward every four years or after 210,000 blocks. This mechanism increases the scarcity of the asset, which increases its value. The fourth halving is expected to occur in April 2024 and will reduce the mining reward for each block by 50% to 3,125 BTC. 📉

Historically, BTC has gone into bull market mode after each halving event. PlanB's market cycle model shows that the asset is currently in the pre-bull market phase and will move into a "fully" bull market post-halving. However, this could change if regulators approve Bitcoin spot exchange-traded funds (ETFs) sooner than expected.

Time will tell whether PlanB's predictions come true or market dynamics will drive the asset's price down. Meanwhile, PlanB predicted earlier this year that BTC could reach $1 million by 2025.