The renowned cryptocurrency analyst, known as PlanB, brought an optimistic view for the future of Bitcoin, anticipating a significant tenfold increase in the value of the most famous cryptocurrency in the world. In a recent video, directed to his more than 89 thousand followers on YouTube, PlanB shared valuable insights into the current and future behavior of Bitcoin, based on key indicators and analytical models.
According to PlanB, Bitcoin, which already experienced monumental growth in its early years, showing increases of up to 100x, now appears to be stabilizing into a more moderate but still significant growth pattern.
“I don’t expect diminishing returns because we are at 2 or 3% adoption, and if we follow the logistical S curve and Metcalfe’s law, we cannot have diminishing returns below 50% adoption, so we will have exponential growth for a few more years. Hopefully a good 10x will get you somewhere in the range [de US$ 100.000 a US$ 1 milhão],” says the analyst.
In its analysis, PlanB highlights a model that aims to identify the stages of Bitcoin market cycles. This model particularly focuses on the cost basis of the majority of BTC in circulation. According to the analyst, Bitcoin is now outperforming the average cost base of currencies, a clear indication of a bull market.
So now we have left the 2021 bear market behind us, Bitcoin price has surpassed all cost prices, so many people are profiting now and Bitcoin is above cost prices and cost prices are rising, especially the price realized, which is rising again, which is a characteristic sign of a bull market that is beginning,” explains PlanB.
Analyzing the analyst chart, it is observed that the price of Bitcoin is fluctuating above the realized cost price, the two-year realized cost price, and the five-month realized cost price. The realized price is calculated based on the average price of all Bitcoins in circulation, considering the price at which they were last moved.
At the time of writing, Bitcoin was trading at $43,803, down 0.5% in the last 24 hours.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/planb-bitcoin-analista-projeta-aumento-de-10-vezes-no-preco-para-2024/
