As expectations for a Bitcoin ETF continue, analysts are not shy about making price predictions, factoring in the upcoming halving event in 2024. Renowned analyst PlanB has highlighted the possibility of a tenfold price increase for Bitcoin (BTC), based on key indicators showing an uptrend.
PlanB, in a recent YouTube video, assured crypto enthusiasts that Bitcoin’s adoption is still in its early stages. He does not anticipate the halving, which will cut miners’ rewards in half, to yield less profit than previous cycles.
He argues that with only a 2-3% adoption rate, diminishing returns are unlikely until a 50% adoption rate is reached, following the logistic S-curve and Metcalfe’s law. PlanB expects several more years of exponential growth, projecting Bitcoin’s value to reach between $100,000 to $1 million.
PlanB also analyzed the cost basis of the majority of BTC in circulation, using a model aimed at identifying the stages of Bitcoin’s market cycles. According to the analyst, Bitcoin’s current price exceeds the average cost base of cryptocurrencies, signaling a distinctive bull run.
At the time of writing, Bitcoin is trading at $43,790 amidst ETF anticipation, while the altcoin market faces larger issues, with leading altcoins like ETH, BNB, SOL, and XRP experiencing declines in their respective prices.