Broadly adopted analyst PlanB predicts that the timeline for Bitcoin (BTC) will spark a rally to new all-time highs.
In a brand new video replace, the quantitative analyst advised his 96,300 YouTube subscribers that Bitcoin is unlikely to fall beneath $31,000 once more primarily based on Bitcoin’s 200-week shifting common.
“Traditionally, when Bitcoin strikes away from the shifting common line, [it] The worth just isn’t going to drop beneath that line, so it’d imply – it isn’t a assure – however it would possibly imply, and that is additionally my opinion, that we cannot drop beneath $31,000 once more. It is sort of grounded proper now.
The good factor is that this backside goes up as a result of as you’ll be able to see the 200 week shifting common is at all times going up, it is at all times going up, so subsequent month it isn’t going to be $31,000, it might be $32,000 or $35,000.
PlanB goes on to say that the highest cryptocurrency property by market cap will probably see a brand new all-time excessive within the fourth quarter of this yr earlier than finally collapsing.
“After 90%” [orange dots] at all times comes 100% [red dots], a brand new all-time excessive. So which means we [will] I see one other all-time excessive earlier than one other crash in my view, often six months after the halving, so that may be October [of] This yr, we might see a brand new all-time excessive.”
![](https://dailyhodl.com/wp-content/uploads/2024/02/PlanBOct.png)
![](https://dailyhodl.com/wp-content/uploads/2024/02/PlanBOct.png)
The subsequent BTC halving is scheduled to happen in April and can see bitcoin rewards for miners lower in half.
Bitcoin is buying and selling at $42,860 on the time of writing, a slight decline over the previous 24 hours.
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