2024

Bitcoin

<div class="finbold">
 <p class="paragraph">Bitcoin (BTC) began May with a significant sell-off after losing crucial support at $60,000 and falling as low as $56,000 leaving many market participants anticipating further declines.</p>
 <p class="paragraph">This plunge comes as the crypto market remains on the edge, with uncertainty lingering about the potential onset of the historical post-halving rally.</p>
 <p class="paragraph">In light of these developments, crypto analyst <em>Plan B</em> shared insights into Bitcoin’s price outlook for the remainder of the month in a YouTube video posted on May 1.</p>
 <div class="border border-red-300 rounded-xl p-6 not-prose mb-6">
  <h3 class="text-2xl font-black mt-0 flex gap-x-3 mb-5">
   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
    </path>
   </svg> Picks for you</h3>
  <div class="grid md:grid-cols-2 gap-x-10 gap-y-3 md:gap-y-5 divide-y divide-gray-300 md:divide-y-0">
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    This is what a Trump capital gains tax&nbsp; could look like <span class="self-center text-xs text-slate-500">12 mins ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Opportunity? DOGE set for imminent bull run <span class="self-center text-xs text-slate-500">49 mins ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Ripple v. SEC court case update as of May 2, 2024 <span class="self-center text-xs text-slate-500">2 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Bitcoin optimism fades amid second-longest run of weekly red candles <span class="self-center text-xs text-slate-500">17 hours ago</span>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <p class="paragraph">Firstly, the expert delved into the Bitcoin stock-to-flow model, highlighting that Bitcoin closed slightly above $60,000 the previous month. While this marked a $10,000 drop from March, Bitcoin still maintained a 36% year-to-date increase.</p>
 <p class="paragraph"><em>Plan B</em> emphasized the historical accuracy of the stock-to-flow model in predicting Bitcoin’s price. He pointed out that May 2024 marks the final month before the next halving event. Historically, each halving has coincided with a gray stock-to-flow model price, underscoring the predictive power of this model.</p>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="981" height="547" src="https://cdn.thebittimes.com/images/2024/05/02/56e8f941cd4e124cac01f95c3dbd6c8a.webp" alt class="wp-image-173265" srcset="https://cdn.thebittimes.com/images/2024/05/02/56e8f941cd4e124cac01f95c3dbd6c8a.webp 981w, https://cdn.thebittimes.com/images/2024/05/02/56e8f941cd4e124cac01f95c3dbd6c8a.webp 300w, https://cdn.thebittimes.com/images/2024/05/02/56e8f941cd4e124cac01f95c3dbd6c8a.webp 768w" sizes="(max-width: 981px) 100vw, 981px">
  <figcaption class="wp-element-caption"><em>Bitcoin stock-to-flow model. Source: Plan B</em>
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="h-bitcoin-price-targets">Bitcoin price targets</h2>
 <p class="paragraph">Regarding specific price points, the expert pointed out that while the current average Bitcoin price hovers around $34,000, it closely aligns with the ballpark figure of $55,000 predicted by the original 2019 model.</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“The average <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> is something that we can calculate at the moment. It’s $34,000, and that’s a little below the $55,000 that the 2019 original stock-to-flow model predicted, but it’s in the ballpark. It’s the same order of magnitude, and don’t forget in 2019, the Bitcoin <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> was below $4,000. The average Bitcoin <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> was above the stock-to-flow model <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> in the cycle before the last cycle, the 2016-2020 cycle,” he said.&nbsp;</p>
 </blockquote>
 <p class="paragraph">Despite some fluctuations, <em>Plan B</em> updated the model’s parameters, maintaining an average target <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> of around $500,000 between 2024 and 2028. He highlighted the importance of the halving event in driving up the model value, anticipating a gradual increase in Bitcoin’s <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> over the coming months.</p>
 <p class="paragraph">Looking ahead to the second half of 2024, the <a rel="noopener noreferrer nofollow" title="expert" href="https://thebittimes.com/tag/expert.html">expert</a> expressed confidence in Bitcoin reaching $100,000, driven by the need for mining revenue to recover following the halving event. He based this prediction on historical trends, noting that mining revenue typically recovers within four to eight months post-halving.</p>
 <p class="paragraph">The trading expert also expects the market peak to occur in 2025, with Bitcoin’s price potentially surpassing $200,000.</p>
 <h2 class="wp-block-heading" id="h-technical-indicators-prediction">Technical indicators’ prediction</h2>
 <p class="paragraph"><em>Plan B</em> also analyzed technical indicators such as the Relative Strength Index (RSI) and the 200-week moving average (MA). He noted that the RSI has normalized to around 66 after reaching a high of 77. This normalization suggests that Bitcoin’s <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> is stabilizing within the context of previous market cycles.</p>
 <p class="paragraph">He mentioned that the 200-week moving average has increased slightly to $34,000. The analyst described this value as a conservative floor for Bitcoin’s <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> during bull markets, indicating that Bitcoin <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a>s typically rise well above this level during such periods.</p>
 <p class="paragraph">Notably, Bitcoin’s current losses came after the halving event, while interest in exchange-traded fund (ETF) flows was exhausted. This has left Bitcoin investors focusing on the Federal Reserve’s monetary policy amid stubborn inflationary figures. At the moment, the Fed has left interest rates unchanged.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">By press time, Bitcoin was trading at $57,779, having registered weekly losses of almost 10%.</p>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="675" height="550" src="https://cdn.thebittimes.com/images/2024/05/02/936d483f4c389ded3a1ccd7144195469.webp" alt class="wp-image-173262" srcset="https://cdn.thebittimes.com/images/2024/05/02/936d483f4c389ded3a1ccd7144195469.webp 675w, https://cdn.thebittimes.com/images/2024/05/02/936d483f4c389ded3a1ccd7144195469.webp 300w" sizes="(max-width: 675px) 100vw, 675px">
  <figcaption class="wp-element-caption"><em>Bitcoin seven-day price chart. Source: Finbold</em>
  </figcaption>
 </figure>
 <p class="paragraph">As things stand, Bitcoin must now maintain its price above the $55,000 mark, as a drop below this level could validate sustained bearish sentiment.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em>&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-expert-plan-b-sets-bitcoin-price-for-2025-tbt87217.html">https://thebittimes.com/crypto-expert-plan-b-sets-bitcoin-price-for-2025-tbt87217.html</a></p>

Crypto expert Plan B sets Bitcoin price for 2025

Table of Contents

TheBitTimes

Alte articole publicate pe 2 mai 2024

Bitcoin Price Prediction: BTC Plunges 3% As The FOMC Keeps Rates Unchanged, But The 99BTC Learn-T...

Binance Destroys 1.4 Billion Terra Luna Classic (LUNC) Tokens

Security Expert Awarded $250,000 for Uncovering Major Flaw in DeFi Protocol Curve Finance

Solana protocol Jito grabs $1.4b TVL

Ripple Ramps Up Effort to Strike SEC's Expert Materials

BTC ETFs Reported Significant Outflows of $563.7M on May 1st

Join our free newsletter for daily crypto updates!