Crypto analyst PlanB makes shocking Bitcoin forecast for June 2024
Following its surge past the $71,000 mark, Bitcoin (
BTC
) is now eyeing a major milestone as a prominent decentralized finance (
DeFi
) asset sets its sights on an incredibly
bullish
price target predicted by a well-known
cryptocurrency
analyst.
The analyst, known as
PlanB
, believes that Bitcoin could soon reach a price of “at least $100,000 in the near future,” as outlined in a recent analysis shared in a
video
posted on his YouTube channel on June 1.
The chart depicting Bitcoin’s 200-week moving average. Source:
PlanB video
PlanB’s Forecast for Bitcoin
According to PlanB’s 200-week moving average (
MA
) chart, Bitcoin is on track to reach the $100,000 price point soon, aligning with his previous stock-to-flow (S2F) model that suggests the leading cryptocurrency by market capitalization is headed towards this significant milestone.
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Bitcoin stock-to-flow (S2F) model. Source:
PlanB Twitter
In mid-May,
PlanB
noted that historically, Bitcoin miner revenue typically sees a recovery within two to five months after a halving event, leading to a significant price surge. With the two-month mark approaching since the last Bitcoin halving on June 19, a vertical price movement could be imminent.
Bitcoin Price Analysis
At the time of writing, Bitcoin is trading at $71,030, reflecting a modest increase of 0.12% in the past 24 hours and a more substantial gain of 4.60% over the past week. Over the last month, Bitcoin has seen an overall increase of 11.50%, according to the latest chart data as of June 6.
Bitcoin price chart for the past 30 days. Source:
Finbold
With all factors considered, Bitcoin’s potential to reach a new all-time high (ATH) of $100,000 in the coming weeks is a possibility, as suggested by the
crypto
analyst. However, the volatile nature of the crypto market emphasizes the importance of conducting thorough research before making any investment decisions.
For more insights, watch the full video below:
Disclaimer:
The information provided in this article should not be construed as investment advice. Investing in cryptocurrencies carries inherent risks, and caution is advised when entering the market.