On-chain analyst PlanB says that he wouldn’t surprised if Bitcoin (BTC) went as high as $524,000 at some point in the next four years.
PlanB shares with his 1.8 million followers on the social media platform X a chart depicting which price the majority of BTC was distributed at each halving, when miners’ rewards get cut in half.
Based on the historical trend that BTC appears to top out about 4x higher than the lower end of the distribution range, PlanB says the crypto king could soar above the half-million dollar range in the next several years.
He also says that the next bull run could be even more explosive than in the past due to several macro factors affecting the 2021 cycle, such as Covid-19.
“At 2012 halving, most Bitcoin was <$16.
At 2016 halving, most BTC was in the $256-$1024 range.
At 2020 halving, most BTC was in the $4,000-16,000 range.
At 2024 halving, most BTC will be in the $16,000-$65,000 range.
I would not be surprised if next four years, most BTC will transfer in the $65,000-$524,000 range.”
The closely followed analyst also says that BTC will only remain below $40,000 for a matter of time. He shares another chart showing that Bitcoin is trading above the two-year and five-month realized price levels.
The realized price metric tracks the sum of all Bitcoin at the price they were last transacted on-chain divided by the count of BTC in circulation.
Says PlanB,
“Enjoy sub-$40,000 Bitcoin … while it lasts.”
At time of writing, BTC is trading for $37,236.
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Author: Alex Richardson
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