Popular Crypto Analyst Predicts Bitcoin Price Range of $40,000-$50,000 Ahead of Halving

As Bitcoin ($BTC) enthusiasts away the flagship cryptocurrency’s fourth block reward halving, expected around April 24, 2024, speculation is mounting about the potential impact on the cryptocurrency’s price. A popular anonymous analyst has now suggested Bitcoin could surge to $40,000 or even $50,000 ahead of it.

Bitcoin’s price recently surged after the world’s largest asset manager, BlackRock, filed for a spot Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC), triggering a wave of other filings from financial behemoths collectively managing $27 trillion, including Fidelity and Invesco.

With the halving just nine months away, analysts at JPMorgan led by Nikolaos Panigirtzoglou have predicted financial challenges for Bitcoin miners if the cryptocurrency’s price and transaction costs fail to increase by that time.

In a recently published video, PlanB, who is known for developing the stock-to-flow (S2F) model, suggested a Bitcoin price prediction in the range of $40,000 to $50,000 ahead of the halving.

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The analyst, it’s worth noting, was criticized last year after his S2F model failed to remain accurate. In his latest video, however, he used the 200-week moving average as a tool to predict the potential future trend of the flagship cryptocurrency’s price.

Per his words, the 200-week moving average, which is a common indicator used in technical analysis that helps smooth our price data, has been increasing at about $500 per month, which means that in nine months it’ll be up by $4,500 from roughly $28,000 to $32,000.

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The analyst added that Bitcoin “would be above that  right, and usually, it would be like 50% above that, which would indicate a range of Bitcoin at the halving between $40,000 and $50,000.”

As CryptoGlobe reported Robert Kiyosaki, best known for his influential personal finance book, “Rich Dad Poor Dad,” has predicted that Bitcoin could surge to an astounding $120,000 in the near term at a time in which the BRICS nations are preparing to launch a gold-backed currency.

Notably, the best-selling author’s price target is seemingly in line with that of London-based multinational banking and financial services firm Standard Chartered, which recently suggested BTC’s price could surge to $50,000 this year, and could breach the $120,000 by 2024’s close.

Back in April, the banking giant made waves in the market with its prediction of Bitcoin reaching $100,000 by the end of 2024, asserting a conclusion to the bleak “crypto winter”.

Geoff Kendrick, one of Standard Chartered’s leading foreign exchange analysts, has now voiced an optimistic revision to that forecast, citing a 20% “upside” in the bank’s earlier call. The increased upside was related to increased miner profitability per BTC, which “means they can sell less while maintaining cash inflows.”

In turn, according to Kendrick, this will reduce the net BTC supply and push the price of the cryptocurrency higher.

Featured image via Unsplash.

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• Source: https://www.cryptoglobe.com/latest/2023/07/popular-crypto-analyst-predicts-bitcoin-price-range-of-40000-50000-ahead-of-halving/