Popular analyst PlanB said the asset could rise to $60,000 as the halving approaches.
The analyst presented a new update with his stock-to-flow (S2F) model, which uses it to forecast long-term market cycles.
The next Bitcoin halving will occur in April 2024.
PlanB said that based on previous cycles, a rally is approaching that could push the value of the leading cryptocurrency to $60,000. The analyst suggested that the $532,000 level was a potential ceiling level after the halving.
“After these halvings, the price of Bitcoin increases. I expect this to happen in April 2024. The price will quickly advance to this new line and rise to $532,000. But for now, it wouldn’t surprise me if we rise to the model value between $55,000 and $60,000 by the next halving.”
The analyst recently shared a chart showing at what price the majority of Bitcoin is distributed on X. PlanB claimed that the asset could hit over half a million dollars in the next few years, citing previous trends where Bitcoin appeared to be around 4x higher than the lower end of its distribution range.
PlanB also emphasized that the rally this time could be much more explosive than in the past due to the absence of a factor such as COVID-19.
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