Cryptocurrency expert PlanB has forecasted a significant rise in Bitcoin‘s value, potentially reaching record highs. Presenting a recently shared chart, the analyst underlines the resiliency of Bitcoin’s 200-week moving average, suggesting a strong support level that Bitcoin is unlikely to dip below again.
Bitcoin’s Resilient Support Level
During a YouTube presentation, PlanB explained the importance of the 200-week moving average for Bitcoin’s price stability. He highlighted that historically, Bitcoin prices tend not to drop below this critical moving average, which currently suggests a $31,000 floor that is gradually increasing over time.
PlanB’s Projection: A Surge Then A Dip
PlanB has made a bold prediction that Bitcoin will likely surge to its all-time high by the end of the year, possibly in the fourth quarter, before experiencing a dramatic sell-off. The analyst relates this anticipated peak to the historical pattern observed approximately six months following a Bitcoin halving event, hinting at a substantial rally around October.
The upcoming Bitcoin halving, set for April, is expected to diminish mining rewards for the cryptocurrency, which has historically influenced the market. At the moment, Bitcoin’s value is showing a minor downturn, trading at $42,860. Despite the recent fluctuation, PlanB maintains a bullish stance, emphasizing that Bitcoin’s path is set for an upswing before it encounters another downturn.