Bitcoin’s price direction from here remains a balmy topic among investors and traders as bearish and bullish speculation clashes. However, for PlanB, a well-known crypto analyst at Platform X (formerly Twitter), BTC price expectations remain bullish, especially as Bitcoin miners have seen revenues decline recently.
Bitcoin Mining Revenue Hits Low
Cryptocurrency analyst PlanB took to X (formerly Twitter) to share an engaging development that Bitcoin miners are facing. Bitcoin miner revenues had been failing over the past year leading up to the halving. However, the cryptocurrency analyst shared that the revenue decline has already bottomed out after the halving ended in April.
This bottom is not only critical for miners’ revenues, but also for the price of Bitcoin. As the analyst explains, it signals a positive move for the digital asset, which he believes will start to grow in the next few months. But not only that, he believes that the price of BTC will double from this point.
PlanB’s prediction would mean that Bitcoin price will eventually break above the desired $100,000 level. The time frame given by the crypto analyst is another 2-5 months, meaning PlanB expects Bitcoin price to cross $100,000 this year.
Miner revenues bottomed out after the April 2024 halving.
I expect the price of bitcoin to double in 3-5 months. photo: twitter.com/JoiQ4jeE4I— PlanB (@100trillionUSD) July 29, 2024
Mapping BTC for the Next 5 Years
When asked about his expectations for Bitcoin’s price in the future, the crypto analyst pointed to a previous analysis that presented their predictions for the next half-decade. PlanB forecasts lasted five years, starting in 2024 and ending in 2028.
The cryptocurrency analyst believes that in 2024, the price of Bitcoin will not only exceed $100,000, but will enhance to $150,000 by the end of the year. Then next year, in 2025, the predictions are even bigger, with a price of $800,000 for the pioneering cryptocurrency.
Next year, 2026, the cryptocurrency analyst expects a drop from the 2025 figure, suggesting that $800,000 is the highest amount that can be expected in 2025. He estimates the amount for 2026 to be $400,000, which would be a 50% drop from the 2025 forecast of $800,000.
In 2027, the crypto analyst expects the price of BTC to decline further, pegging it at $300,000. However, 2028 is expected to be more bullish than the previous year, with the price set at $400,000.
Featured image created with Dall.E, chart from Tradingview.com
