Bitcoin expert: We are far from being in a bull market
3 min readIf you look at the price development of Bitcoin and most other well-known cryptocurrencies, you might quickly get the idea that we are already in the middle of a bull run. However, most experts are of the opinion that this hasn’t even started yet and, just like the last few times, it will only really start after the halving. Although the BTC price has exceeded the 48,000 USD mark in the last few hours, this is probably just the beginning. This is also the opinion of PlanB, which has always caused a stir with its forecasts in the past, but has always been right in the end.
Bitcoin: “Bullrun will be completely different”
PlanB rose to prominence because he was the first to bring the stock to flow model to Bitcoin. The model used to measure scarcity of raw materials indicates how long it would take to restore the current available stock, taking into account the amount produced annually, if a raw material were to become unavailable from one day to the next. The longer it would take to get back to current levels, the more scarce the raw material would be. By applying this theory, PlanB set price targets for BTC before the last bull run that many thought were unthinkable at the time. This year he polarized again with his statement that BTC will cost over 500,000 USD at the end of next year.
According to the analyst, we are still far from in the bull run, but still in the accumulation phase. In a bull market, “it will feel completely different.” An assessment with which PlanB is not alone.
Note that bitcoin is still in the accumulation phase and not yet in a bull market. We barely closed the Luna/FTX-gap. For those who have not experienced one: a bull market feels completely different than now.
More on the bitcoin market cycle: https://t.co/QbrbJFbZr8 pic.twitter.com/rQqo6go11W— PlanB (@100trillionUSD) February 9, 2024
After the halving it should start
If you look at the data from past Bitcoin halvings, it quickly becomes clear that the price rose extremely sharply, especially in the year and a half afterward. Each time, new highs were reached that were unthinkable before the halving. This time too, there is optimism that the price can still rise significantly from its current high level. Price targets of several hundred thousand dollars are often mentioned. There are now just over two months until the halving and with the approval of Bitcoin ETFs in the USA, institutional investors are now likely to position themselves accordingly.
₿𝗥𝗘𝗔𝗞𝗜𝗡𝗚: #Bitcoin ETFs officially the most popular ETFs in Wall Street history! pic.twitter.com/YvKm3yOtO3
— Documenting ₿itcoin 📄 (@DocumentingBTC) February 9, 2024
Thanks to the Bitcoin ETFs, this bull run could play in a completely different league and eclipse everything that has come before. If institutional investors decide to invest only a small percentage of their capital in Bitcoin, price targets of up to 500,000 USD are not far-fetched either. In addition to BTC, this should also result in bullish price developments for most altcoins. A price explosion can occur, especially for coins that are based on BTC or are directly linked to digital gold. Bitcoin Minetrix ($BTCMTX) is seen by some experts as one of the big winners.
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