Bitcoin analyst PlanB believes that November is a crucial month for Bitcoin accumulation before the next halving event in April 2024. He highlights the six months leading up to the halving and the 18 months following it as significant periods for market dynamics. PlanB argues that the scarcity resulting from each halving is what drives Bitcoin’s price.
Historically, previous Bitcoin halvings have been followed by price surges, with the peak occurring around 18 months post-halving. The current price of Bitcoin is consolidating around $34,300, which is influenced by news surrounding spot exchange-traded funds (ETFs).
PlanB’s S2F (stock-to-flow) model suggests that scarcity drives price, and each halving event leads to a major reduction in the issuance of Bitcoin, making the asset scarcer. He believes that it will be until late 2025 before the effects of the halving can be fully observed.
The most recent Bitcoin halving occurred in May 2020, during a year when the global financial and economic system faced shutdowns due to the pandemic. Around 18 months later, in November 2021, Bitcoin reached its peak price of approximately $69,000. PlanB argues that this pattern is not mere speculation but a consistent trend.
Other prominent figures in the cryptocurrency space, including Binance CEO Changpeng Zhao (CZ), also believe that the halving has a significant impact on Bitcoin’s price. CZ suggests that Bitcoin achieves multiple all-time highs within a year after the halving, rather than experiencing an immediate surge.
Currently, Bitcoin’s price is Trading at $34,300, experiencing consolidation between the $32,000 and $34,000 ranges. The recent increase in price was driven by rumors and news surrounding spot ETFs. The market will have to wait to see if the price can break out above $34,000 or if consolidation will continue for a longer period.
In conclusion, PlanB sees November as a crucial accumulation period for Bitcoin before the April 2024 halving. Previous halving events have led to price surges, and the analyst believes that scarcity resulting from halvings is what drives Bitcoin’s price. The current market is influenced by spot ETF news, and the effects of the halving may not be fully observed until late 2025..
#Bitcoin #BTC #Price #Rally #Continue #November
Historically, previous Bitcoin halvings have been followed by price surges, with the peak occurring around 18 months post-halving. The current price of Bitcoin is consolidating around $34,300, which is influenced by news surrounding spot exchange-traded funds (ETFs).
PlanB’s S2F (stock-to-flow) model suggests that scarcity drives price, and each halving event leads to a major reduction in the issuance of Bitcoin, making the asset scarcer. He believes that it will be until late 2025 before the effects of the halving can be fully observed.
The most recent Bitcoin halving occurred in May 2020, during a year when the global financial and economic system faced shutdowns due to the pandemic. Around 18 months later, in November 2021, Bitcoin reached its peak price of approximately $69,000. PlanB argues that this pattern is not mere speculation but a consistent trend.
Other prominent figures in the cryptocurrency space, including Binance CEO Changpeng Zhao (CZ), also believe that the halving has a significant impact on Bitcoin’s price. CZ suggests that Bitcoin achieves multiple all-time highs within a year after the halving, rather than experiencing an immediate surge.
Currently, Bitcoin’s price is Trading at $34,300, experiencing consolidation between the $32,000 and $34,000 ranges. The recent increase in price was driven by rumors and news surrounding spot ETFs. The market will have to wait to see if the price can break out above $34,000 or if consolidation will continue for a longer period.
In conclusion, PlanB sees November as a crucial accumulation period for Bitcoin before the April 2024 halving. Previous halving events have led to price surges, and the analyst believes that scarcity resulting from halvings is what drives Bitcoin’s price. The current market is influenced by spot ETF news, and the effects of the halving may not be fully observed until late 2025..
#Bitcoin #BTC #Price #Rally #Continue #November
