TL;DR
- Quant analyst PlanB predicts Bitcoin could surge to $150,000 by the end of December, representing a more than 53% gain from its current value of approximately $97,677.
- PlanB’s forecast is based on historical trends and market cycles, suggesting Bitcoin will continue to set new all-time highs in a clustered manner.
- Despite a recent dip, market sentiment remains optimistic, with PlanB anticipating an extended bull market that could last for six to twelve months.
Renowned quant analyst PlanB, known for his application of the stock-to-flow (S2F) model to Bitcoin, has unveiled his ambitious price target for Bitcoin this December. In a recent interview with trader Scott Melker, PlanB predicted that Bitcoin could surge to as high as $150,000 by the end of the month. This forecast represents a more than 53% gain from its current value of approximately $98,000.
Historical Trends and Market Cycles
PlanB’s predictions are rooted in historical trends and market cycles. He noted that Bitcoin’s price movements often follow a pattern of three years of bear markets followed by one year of intense bull market action.
“It’s almost scary that it is happening again. It seems programmed: three years of boring bear markets and then one year of FOMO (fear of missing out) and face-melting bull action,” PlanB stated.
He believes that if history is any guide, Bitcoin will continue to set new all-time highs in a clustered manner, potentially reaching between $100,000 and $150,000 this month.
Extended Bull Market Forecast
Looking beyond December, PlanB suggested that Bitcoin’s bullish momentum could extend well into the next year. He anticipates a series of rallies that could see Bitcoin printing new all-time highs until at least June.
“The returns of Bitcoin are not normally distributed. So it’s not like we get an all-time high and then a bear market and an all-time high and some middle ground. No, it’s all-time high after all-time high after all-time high. It’s very clustered,” he explained.
This extended bull market action could last for six to twelve months, providing ample opportunities for investors.
Current Market Sentiment
As of now, Bitcoin is trading at around $98,000, down 2% in the last 24 hours. Despite the recent dip, the market sentiment remains optimistic, with many investors eagerly anticipating the potential for significant gains in the coming weeks. PlanB’s bullish outlook has further fueled this optimism, as traders and analysts alike look to historical patterns to guide their expectations.
