• PlanB, a popular quant analyst, has suggested that Bitcoin is in the early stages of a bull market which could see it overtake major asset classes.
• The analyst believes that after the next halving event, BTC will become more scarce than real estate and be undervalued relative to other commodities like gold, silver and diamonds.
• PlanB estimates that by the time of the 2024 halving Bitcoin’s 200-week moving average will be around $32,000 with a price range of between $40-50k.
Quant Analyst Predicts Full Blown Bitcoin Bull Market
Closely followed quant analyst PlanB says that Bitcoin (BTC) is now on its way to expanding by trillions of dollars to compete with some of the biggest asset classes. The pseudonymous analyst tells his 1.8 million Twitter followers that Bitcoin is now in the early stages of a bull market that may allow large players like BlackRock to accumulate BTC while it’s low.
PlanB popularized the use of the stock-to-flow (S2F) model which aims to measure an asset’s newly created supply relative to its existing supply over time. After Bitcoin’s next halving, which cuts miners’ newly created BTC issued in half, PlanB suggests S2F will indicate that BTC will become more scarce than real estate and undervalued compared to other commodities such as gold, silver and diamonds.
Price Prediction for 2024 Halving Event
In a new strategy session, PlanB predicts that at its 2024 halving event Bitcoin will have increased in price to around $50k based on its 200 week moving average being around $32k before then. He also speculates this increase could result in large players such as BlackRock investing heavily into cryptocurrencies during this period when they are cheap.
The upcoming 2020 halvening is expected to greatly reduce new bitcoin supplies resulting in an appreciation in price due both scarcity and potential investor influxes from big players such as BlackRock according to Plan B’s analysis. With just over two years until this event takes place we can only wait and see what effect it may have on bitcoin prices and adoption rates across all industries using cryptocurrencies as payment methods or investments opportunities