PlanB Says Bitcoin Explosion to $500,000 Still on Track As Indicator Suggests 7–10x Rallies From Here
Quant analyst PlanB says that Bitcoin (BTC) remains on track to hit $500,000 based on one benchmark indicator.
PlanB tells his nearly 1.9 million followers on the social media platform X that he is doubling down on his massive six-figure price prediction for Bitcoin despite months-long sideways movement.
Responding to a follower asking about BTC’s recent chop, PlanB says he still believes Bitcoin is on track to hit an average price of $500,000 between now and 2028.
“Great question. The boring six-month trading range did not really surprise me. Of course, my hope was for a sooner pump. But I have become very patient: as long as Bitcoin stays within the (wide) flight envelope (which it does!) it’s all OK. So my target (since 2019) is $500,000 average for 2024-2028 halving period, with $250,000-$1 million range.”
PlanB says that based on Bitcoin’s historical behavior after touching the 200-week moving average (MA), BTC may have somewhere between a 7 and 10x move approaching.
“Bitcoin increased 4x from the bottom in 2022 to now. Historically 7-10x follows from here. What do you think Bitcoin will do next 12 months?”
Source: PlanB/X
The analyst also suggests that increased institutional adoption of Bitcoin won’t alter BTC’s course, but instead contribute to its market cycles.
“No, I don’t think institutional investors like [BlackRock] change the pattern, they are part of the (adoption) pattern, we need them to continue the pattern!”
Bitcoin is trading for $63,588 at time of writing, down slightly in the last 24 hours.
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