A pseudonymous crypto analyst on Twitter predicts that a massive Bitcoin BTC/USD rally is underway leading up to the 2024 halving, which will reduce the available apex crypto supply.
What Happened: CryptoQuant analyst ‘PlanB’ has stated that the price of Bitcoin has surpassed key support from short-term holders, signaling further price growth into 2024 when the halving event occurs.
The analyst predicts that the 2024 halving event will cause the value of Bitcoin to rise above $32,000, setting the stage for a bullish market in 2025 with a potential price of over $100,000.
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According to PlanB, the bottom level for Bitcoin was in November when it reached the $15,500-mark.
Price Action: At the time of writing, Bitcoin was trading at $18,797, up 3.83% in the last 24 hours, according to Benzinga Pro data.