The victory of XRP against the SEC started the rise in Bitcoin and altcoins, especially XRP, and BTC rose above $ 31,500.
However, Bitcoin, which could not continue this rise, fell to the level of $ 29,000.
After the tough and bad bear market, investors who want to cover their losses are waiting for higher levels from BTC and altcoins, while the good news came from analyst PlanB, known for its S2F model.
At this point, he said that the Plan B bull market, which investors are closely following, is on the way and that BTC could rise to somewhere between $ 40,000 and $ 50,000 in the coming months.
Stating that the price of Bitcoin will increase in a recent video, PlanB stated that he expects BTC to enter the halving, which is expected to take place in 2024, between $ 40,000-50,000.
“The real question here is what will be the price of Bitcoin when we get to the April 2024 halving? We can only predict this by looking at this 200-week moving average…
The 200-week moving average is currently rising at around $500 per month. That means Bitcoin's 200-week moving average is currently just below $28,000.
Depending on this upward trend, in April 2024, which coincides with the Bitcoin halving period, the 200-week moving average will amount to $ 32,000.
At this point, if we look at the historical data, it is seen that the BTC price was 50% above the 200-week moving average in the previous halving periods.
As a result, if history repeats itself, these data show us that Bitcoin will be traded in the band of $ 40,000 – $ 50,000 during the halving period.”
Plan B, in an analysis he made in the past months, said that there are indications that the Bitcoin bull market is on the way.
Stating that the first of these indicators is the realized cost price of Bitcoin, Plan B stated that the indicators signal that a clear bull market is probably on the way.
*Not investment advice.
