On-chain analyst PlanB predicts that Bitcoin (BTC) could reach a new all-time high in as little as four months.
Approval of spot market Bitcoin exchange-traded funds (ETFs)
According to PlanB, the approval of spot market Bitcoin ETFs could be the catalyst for this surge.
What are spot market Bitcoin ETFs?
Spot market Bitcoin ETFs are exchange-traded funds that track the price of Bitcoin. This means that investors can buy and sell shares of these ETFs just like they would any other stock.
PlanB believes that the approval of spot market Bitcoin ETFs would make it easier for investors to buy and sell Bitcoin, which could lead to increased demand and a higher price.
Halving event
The halving event is a scheduled reduction in the number of Bitcoins that are mined every 10 minutes.
Why is the halving event bullish for Bitcoin?
The halving event is bullish for Bitcoin because it reduces the supply of new Bitcoins that are entering the market.
This reduction in supply could lead to increased demand and a higher price for Bitcoin.
PlanB’s predictions
PlanB predicts that Bitcoin could reach $69,000 by the end of 2023. If the ETF gets approved before the halving event, he believes that Bitcoin could reach $100,000.
Bearish scenario
PlanB acknowledges that there is a possibility that Bitcoin could fall below $25,000 in the short-term.
What is a black swan event?
A black swan event is an unexpected event that has a major impact on the market.
However, he does not believe that this is likely to happen without a major black swan event.
Disclaimer
It is important to note that PlanB’s predictions are based on his own analysis and should not be taken as financial advice.
Investors should always do their own research and consult with a financial advisor before making any investment decisions.
Article by BITboosters