bitcoin trading exchange stock market investment, forex with trend of graph, price and candle stick chart, 3D illustration of stock crypto currency analysis graph
- The crypto analyst is respected for developing a quantitative model that has made several correct predictions regarding the Bitcoin price action.
- PlanB now thinks Bitcoin price could propel to its ATH early next year if the US SEC approves the dozen spot BTC ETFs and possibly reach $100k fueled by the halving narratives.
Bitcoin (BTC) performance has continued to amaze both critics and supporters following a bullish breakout during the fourth quarter of 2023. The mother coin has a market cap of about $841 billion, surpassing most of the traditional financial institutions.
With a crypto market dominance of slightly above 50 percent, Bitcoin has continued to command notable cash inflows in the past year, despite the notable regulatory crackdown in the United States among other jurisdictions.
PlanB on Short-Term Bitcoin Price Prediction
According to a popular and veteran crypto analyst alias PlanB on different social media platforms, Bitcoin price could surge to its all-time high (ATH), around $69k, in the coming months without much of a warning. While conducting an AMA (Ask Me Anything) session on YouTube, PlanB commented that a single positive event could send the flagship coin flying 50 percent from current levels.
Precisely, the analyst pointed to the upcoming Bitcoin halving in April next year, which will reduce Bitcoin miners’ block reward by half from the current 6.25 coins to 3.125 units every ten minutes. Worth noting that Bitcoin miners are among the largest contributors of sellers, as they constantly need to pay off their electricity and operational bills.
Apart from the Bitcoin halving, PlanB pointed out the imminent approval of spot Bitcoin ETFs in the United States as a major bullish event. The United States SEC is expected to approve several spot BTC ETFs in early January, which will open routes to trillions of US dollars proliferating to the crypto industry.
Meanwhile, the analyst highlighted that Bitcoin price does not face a probable black swan event similar to the Black Thursday that was triggered by the 2020 Covid-19.
“We can have that, but I don’t see one on the horizon at the moment. I don’t think it will be there and I think Bitcoin is perfectly on track for the next bull market without a prior crash to $25,000 levels. In fact, I have said it would surprise me if we would ever go below $35,000 again,” the analyst noted.
BTC Price Action and Analysis
Bitcoin price has enjoyed a bullish fourth quarter with a 69 percent spike to trade at . The heightened bullish outlook for the flagship crypto coin is a sign of impending dump as demonstrated by the recent Bitcoin miner’s accelerated profit taking.
However, Bitcoin price could surge another 8-10 percent from current levels if the whale traders continue to absorb sell-offs from small account holders.
From a technical standpoint, the weekly death cross between the 50 and 200 Moving Averages (MA) is about to be invalidated as the bulls continue to take control. On the daily time frame, Bitcoin price needs to consistently close above $43k in order to sustain the bullish perspective. Moreover, Bitcoin price closed above a micro ascending triangle on Monday but could turn to a fake breakout geared towards leverage liquidations.
Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Credit: Source link
