Bitcoin Price: 5 Reasons BTC Price Is Rising Today

Technology

Top Analyst Explains Why Bitcoin Price Will Top $477K – Crypto News

Published

1 year ago

May 7, 2024

Dripp

Bitcoin (BTC) plunged significantly after recently rebounding above $65,000. On the contrary, crypto analysts have provided a bullish prospect for the Bitcoin price trajectory. Moreover, the BTC value is expected to surge past $477,000 for the fourth Bitcoin Halving cycle.

Will Bitcoin Price Top At $477,000?

Renowned crypto analyst PlanB has made bold predictions regarding the future trajectory of Bitcoin price. The projection is based on historical data and the famous Stock-to-Flow (S2F) model. With a substantial following of 1.9 million on X platform, PlanB’s insights are closely watched by investors and enthusiasts alike.

Source: PlanB | X

According to PlanB, the average Bitcoin price during the 2020-2024 halving cycle stood at $34,000. Although this figure falls significant below the $55,000 predicted by the S2F model in 2019, it remains within the expected range. Notably, this prediction was made when Bitcoin was trading at less than $4,000, highlighting the model’s resilience and accuracy despite market volatility.

Hence, PlanB’s latest analysis involves a refit of the S2F model using new data, which yielded similar parameters and outcomes. The revised forecast suggests a staggering $477,665 price target for the 2024-2028 Halving cycle, which reduced the Bitcoin mining rewards to 3.125 BTC. This estimation suggests a whopping 658% increase from the current Bitcoin price trend.

Furthermore, PlanB followed by an even more astonishing with a $4.13 million projection for the Bitcoin price in the 2028-2032 BTC Halving cycle. This forecast has sparked optimism among Bitcoin investors, who see it as validation of the cryptocurrency’s long-term potential. However, skeptics caution against relying solely on predictive models, citing the inherent uncertainties of the crypto market.

The latest Halving event that concluded on April 19 has led to a significant decline in the revenue for Bitcoin miners. According to Blockchain.com data, the BTC miners’ revenue plunged to a low of $23.6 million on May 1. The figure is substantially lower than the daily average of $60 million recorded in the pre-Halving period.

Also Read: Will Bitcoin Price Remain Stable Till August? Here’s All

BTC Price Today

The Bitcoin price has extended below $63,500 today amid the latest decline trend. At press time, the BTC price was down by 0.87% to $63,311.71 with a market valuation of $1.24 trillion. Whilst, the trading volume for Bitcoin surged by 7.35% to $26.47 billion in the past 24 hours.

Meanwhile, longs dominated the liquidations in a bid to realize profits, which could have catalyzed the drop. According to Coinglass stats, long liquidations amounted to a staggering $27.46 million. However, shorts also liquidated $12.46 million, fearing that the Bitcoin price could rebound soon.

Also Read: Bitcoin-based Apps Contributing Significant Portion of Miners’ Income