Bitcoin (BTC), the cryptocurrency with the largest market cap, has been experiencing a relief bounce since the beginning of the year. The crypto market as a whole has been able to recover from the terrible decline that occurred in 2022 because of the current price rebound.
Over the course of the last day, the asset has seen a phenomenal increase of 11%. The token even managed to breach the important $21,000 price threshold briefly.
A 4600%+ Price Increase For BTC?
As per the quantitative analyst PlanBhe thinks that Bitcoin hit a bottom of around $15,500 in November of 2022, and short-term investors are now in the profit zone, which is a generally positive indication. PlanB claims this is a hint that the price of Bitcoin will continue to rise.
According to the quantitative analyst, he also predicts that the flagship cryptocurrency asset would fly beyond $30,000 around the time of the halving in 2024, followed by a parabolic increase in 2025.
The future bull market, based on the quantitative analyst’s predictions, will have a broad range, and it is possible that the price of the flagship cryptocurrency asset may reach up to $1 million. This is an increase of around 4,689% from the current rates.
PlanB’s chart:
The analyst further said:
“I think the bull market range will be $100K – $1M but many people don’t understand the wide margins (or the volatility that creates them) so I pinned it at the indeed comfortable $100K.”
Wrapping up
The price of bitcoin continues to be a major factor that keeps investors optimistic about the market. Despite this, there is still a potential for a sharp reversal from the positive sentiment that has emerged in recent days.
In related news, according to data from companiesmarketcap.com, Bitcoin’s market capitalization has surpassed that of banking giant Mastercard and social networking giant Meta.
After months of relatively stable prices, the cryptocurrency market has experienced a resurgence, with bitcoin surpassing well-established companies such as Meta Platforms, Eli Lilly, and Chevron. As of this writing, one bitcoin is valued at $20,475.
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Qadir AK
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.