Renowned crypto expert PlanB, famous for being super positive about Bitcoin, recently shared some good news on X. He thinks that we could be running out of time to snag Bitcoin for less than $40,000.
PlanB is all about the long game and believes that Bitcoin is gearing up for a big price jump. His call to action is based on his study of Bitcoin’s realized price, and everything is pointing towards a significant surge in the near future. Get ready for some exciting times in the world of Bitcoin!
Bitcoin’s Remarkable 2023 Performance Sparks Analysts’ Bullish Predictions
Bitcoin has emerged as the star performer among various asset classes this year, boasting a staggering 125% surge in its price. Analysts are optimistic about its continued growth, with influential figures like PlanB endorsing a bullish outlook. PlanB’s analysis of the realized price model suggests that this might be the final opportunity to acquire Bitcoin for less than $40,000.
The realized price, representing the average price of all circulating Bitcoin, is considered by some experts to be a more accurate measure of the cryptocurrency’s value than the current market price. In bearish markets, the realized price tends to surpass the spot price of Bitcoin, while bullish markets exhibit a higher spot market price.
A closer look at PlanB’s shared realized price data reveals that the spot price of Bitcoin now exceeds the overall realized cost, the 2-year realized price, and the 5-month realized price. Drawing from historical trends, this suggests a potential significant uptrend in the market price.
In a cautionary note, PlanB advises, “Enjoy sub-$40k bitcoin … while it lasts,” hinting at the possibility of imminent shifts in the cryptocurrency landscape. As Bitcoin continues to defy expectations, investors are closely watching for further opportunities in this dynamic market.
Enjoy sub-$40k bitcoin … while it lasts pic.twitter.com/MgGD5LfuL7
— PlanB (@100trillionUSD) November 24, 2023
Bitcoin Pricing Dynamics and Future Predictions
As of the latest update, Bitcoin is trading at $37,687, while its realized price, as reported by Glassnode, stands around $21,000. When questioned about the possibility of another chance to buy Bitcoin at a lower price, PlanB’s response was neither affirmative nor negative. Instead, he envisions the cryptocurrency trading in the range of $100,000 to $1 million around the next halving cycle, offering a wide spectrum of potential scenarios.
In a prior forecast, PlanB placed Bitcoin’s value between $32,000 and $66,000 during the upcoming halving expected in April 2024. This prediction aligns with the prevailing sentiment surrounding Bitcoin, especially as mainstream adoption continues to rise. The anticipation of spot Bitcoin ETF approvals in the US adds to the optimism, with CoinShare’s recent report indicating a substantial year-to-date inflow of $1.238 billion into Bitcoin’s digital asset investment products.
A noteworthy shift is observed in the discount on Grayscale’s Bitcoin Trust, shrinking from -48% at the start of the year to the current -7.31%. This shift suggests a growing institutional interest in the trust amid a strengthening bullish momentum. A reversal into positive territory would mark the trust’s price surpassing Bitcoin’s spot price, a development not seen since the first quarter of 2021. As Bitcoin undergoes dynamic changes, investors are keenly observing these indicators for insights into its future trajectory.
NEW: Grayscale Bitcoin Trust's discount to the #Bitcoin price is closing fast – from 48% to just 7.3%.
The smallest gap since July, 2021.
Institutions buying? 👀 pic.twitter.com/hDnAM0BxKG
— Bitcoin Archive (@BTC_Archive) November 24, 2023
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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