Bitcoin Analyst Predicts Strong Price Surge: Last Chance to Buy Below $40,000

Bitcoin Analyst Predicts Strong Price Surge: Last Chance to Buy Below $40,000

Amidst the volatility in the cryptocurrency market, popular crypto analyst PlanB has reaffirmed his optimistic long-term stance on Bitcoin. He believes that we may be witnessing the final days of Bitcoin trading below $40,000, calling it the last opportunity to buy at this price level. PlanB’s analysis of Bitcoin’s realized price, along with its consistent outperformance of other asset classes, indicates a potential strong price surge in the near future.

PlanB bases his analysis on the realized price model, which measures the average price of all circulating Bitcoins. Some experts argue that this is a better indicator of Bitcoin’s value compared to the current market price. In bearish markets, the realized price tends to be higher than the spot price, while bullish markets are characterized by a higher spot price. By examining the realized price, it becomes evident that the current spot price of Bitcoin is trading above the overall realized cost, 2-year realized price, and 5-month realized price. This suggests that Bitcoin’s market price has the potential to increase significantly.

With Bitcoin currently trading at $37,687, PlanB advises investors to take advantage of buying Bitcoin below $40,000 while they still can. However, he provides no definitive answer when asked if there will be another opportunity to purchase Bitcoin at a lower price. Instead, he predicts that the cryptocurrency could range between $100,000 and $1 million during the next halving cycle, which is slated to occur in April 2024.

PlanB’s bullish prediction aligns with the overall sentiment surrounding Bitcoin. The cryptocurrency continues to gain mainstream adoption, especially with the anticipation of spot Bitcoin exchange-traded funds (ETFs) receiving approval in the United States. CoinShare’s latest report reveals that Bitcoin has seen year-to-date inflows of $1.238 billion into its digital asset investment products. This surge in institutional investment is further supported by the decreasing discount on Grayscale’s Bitcoin Trust, which now stands at -7.31% compared to -48% at the beginning of the year. A positive percentage would indicate that the trust is valued higher than the spot price of Bitcoin, a situation not seen since the first quarter of 2021.

As Bitcoin closes in on the $40,000 price level, crypto analyst PlanB’s analysis suggests that this might be the last chance to buy Bitcoin at a relatively low price. While the price volatility and potential risks associated with cryptocurrencies should be considered, the overall sentiment and increasing institutional interest indicate a positive future for Bitcoin. With potential spot Bitcoin ETF approval and growing mainstream adoption, the cryptocurrency market seems to be gaining credibility and stability. As always, investors are advised to conduct thorough research and exercise caution before making any investment decisions.

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