The direction of the Bitcoin price From here, it remains a hot topic among investors and traders as bearish and bullish speculations collide. However, for PlanB, a well-known crypto analyst on the X (formerly Twitter) platform, expectations for the BTC price remain bullish, especially since Bitcoin miners have suffered a drop in revenue lately.
Bitcoin Miner Revenue Marks All-Time Low
Crypto analyst PlanB took to X (formerly Twitter) to share an interesting development that Bitcoin miners are facing. The earnings are fall for Bitcoin miners in the past year leading up to the halving. However, the crypto analyst shared that the decline in revenue has now reached a low point after the halving was completed in April.
This bottom is not only important for miners’ revenues, but also for the Bitcoin price. As the analyst explains, this signals a positive movement for the digital asset, which he believes will rise in the coming months. But not only that, he believes that the BTC price will double from here.
PlanB’s prediction would mean that the Bitcoin price would finally break above the coveted $100,000 level. The time frame the crypto analyst gives for this is the next 2-5 months, which means that PlanB expects the Bitcoin price to surpass the $100,000 mark sometime this year.
Mining companies’ revenues hit a low after the halving in April 2024.
I expect the bitcoin price to double within 3 to 5 months from today. photo.twitter.com/JoiQ4jeE4I— PlanB (@100 trillionUSD) July 29, 2024
Mapping BTC for the next 5 years
When asked about his expectations for the Bitcoin price going forward, the crypto analyst pointed to a previous analysis that outlined their predictions for the next five years. PlanB’s predictions ran over a five-year period, starting in 2024 and ending in 2028.
For 2024, the crypto analyst believes that the Bitcoin price not only will it surpass $100,000, but will even reach $150,000 by the end of the year. Next year, in 2025, predictions are even bigger, with a price tag of $800,000 for the pioneering cryptocurrency.
The following year, 2026, the crypto analyst expects a drop from the 2025 figures, suggesting $800,000 is the highest possible in 2025. He estimates the 2026 figure at $400,000, which would be a 50% drop from the $800,000 prediction for 2025.
In 2027, the crypto analyst expects a further decline in the BTC pricebringing it to $300,000. However, 2028 is expected to be more optimistic than the previous year, with the price tag once again set at $400,000.
Main image created with Dall.E, chart from Tradingview.com