Where bitcoin price will go from here remains a hot topic among investors and traders, as bearish and bullish speculations clash. However, for PlanB, a well-known cryptocurrency analyst on platform x (formerly twitter), expectations for btc price remain bullish, especially as bitcoin miners have suffered from declining revenues of late.
bitcoin miners' revenue hits a low
Cryptocurrency analyst PlanB took to x (formerly twitter) to share an interesting development that bitcoin miners are facing. bitcoin miner revenue has been falling over the past year leading up to the halving. However, the cryptocurrency analyst shared that the decline in revenue has now bottomed out after the halving was completed in April.
This bottom is important not only for miners' revenues, but also for the price of bitcoin. As the analyst explains, this indicates a positive move for the digital asset, which he believes will start to rise in the coming months. But not only that, he believes that the price of btc will double from here.
PlanB’s prediction would mean that the bitcoin price would finally surpass the coveted $100,000 level. The time frame given by the cryptocurrency analyst for this is the next 2 to 5 months, meaning that PlanB expects the bitcoin price to surpass $100,000 at some point this year.
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Miner revenue bottomed out after the April 2024 halving.
I expect bitcoin price to double from today in 3-5 months. image.twitter.com/JoiQ4jeE4I
— PlanB (@100trillionUSD) twitter.com/100trillionUSD/status/1817892693869011411?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>July 29, 2024
Planning btc for the next 5 years
When asked about his expectations for the price of bitcoin in the future, the cryptocurrency analyst pointed to a previous analysis that outlined his predictions for the next half-decade. PlanB x.com/100trillionUSD/status/1800095085838979573″ rel=”nofollow” target=”_blank”>Forecasts was extended for five years from 2024 to 2028.
By 2024, the cryptocurrency analyst believes that the price of bitcoin will not only exceed $100,000, but will rise to $150,000 by the end of the year. Next year, in 2025, the forecasts are even higher, with a price of $800,000 for the pioneering cryptocurrency.
Next year, 2026, the cryptocurrency analyst expects a reduction from the 2025 figures, suggesting that $800,000 is the maximum it is expected to reach in 2025. He sets the 2026 figure at $400,000, which would be a 50% decrease from the 2025 prediction of $800,000.
In 2027, the cryptocurrency analyst expects a further drop in the price of btc, placing it at $300,000. However, 2028 is expected to be a more bullish year than the previous one, with the price set at $400,000 once again.
Featured image created with Dall.E, chart from Tradingview.com
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