Famous cryptocurrency analyst PlanC shared his views on Bitcoin's future trajectory in a recent statement. The analyst believes that from the right perspective, Bitcoin's path is progressing as expected.
PlanC made a few interesting observations:
- By the end of 2024, the Power Law Support (historical base) will exceed MicroStrategy's current cost base per Bitcoin.
- By the end of 2026, it will exceed the current Bitcoin price.
- If the 4-year cycle continues, the next bear market bottom could be between $67,000 and $74,000 between September 2026 and January 2027, according to Power Law Support.
PlanC also highlighted the importance of the recent close-range price action, which he believes could be crucial to strengthening bottom support for the next bear market. This is in line with Bitcoin's growth patterns on the higher time frame, according to the analyst.
According to the analyst, Bitcoin Power Law Support has remained solid for the last 15 years. It has weathered numerous challenges, including the 2020 crash, the Luna crash, and the FTX scandal.
PlanC concluded its analysis with a bold prediction. Assuming Power Law Support continues, these will be the lowest prices we can expect, according to the analyst. PlanC estimates that after 2037, power law support will be over $1,000,000.
TradingView is a chart-based platform for trading individuals and investors interested in cryptocurrencies and specifically assets such as BTCUSD. This platform offers an environment to analyze the markets, keep up with current financial news and exchange ideas. Cryptocurrency users can conduct more detailed market research with the advanced tools and various data options offered by TradingView. In addition to detailed symbol charts, they also have access to a wide range of data, especially on how to use the economic calendar. The platform also aims to support users by providing them with more comprehensive data sets in line with their different strategies.
*This is not investment advice.