Bitcoin (BTC), the largest cryptocurrency in the world, is expected to experience significant price growth in the coming years, according to experts in the crypto community. This positive sentiment towards BTC was shared by a renowned cryptocurrency analyst known as Plan B in a recent publication on X. Plan B observed the latest market movements and made a bold prediction about the future price of Bitcoin.
According to Plan B’s analysis, the average price of Bitcoin during the 2020-2024 halving cycle was $34,000, slightly lower than the forecasted $55,000 for 2019 but still within the normal range. This prediction was made when Bitcoin was valued at less than $4,000, so the $34,000 price is still considered impressive. Plan B also shared a prediction for the 2024-2032 period, forecasting an average Bitcoin price of $500,000 for the 2024-2028 halving cycle and an astonishing $4 million for the 2028-2032 halving cycle.
On May 7, when the publication was made, the price of Bitcoin was quoted at $62,245.98, showing a 1.7% increase in the last 24 hours. This further supports the positive outlook for Bitcoin’s future.
Cathie Wood, the CEO of Ark Invest, also shared an optimistic prediction for the price of Bitcoin. Wood believes that Bitcoin will surpass the $1 million mark before 2030. In a recent interview, Wood emphasized the increasing institutional involvement in Bitcoin’s growth, which she sees as a significant factor in driving its price up.
Wood’s prediction comes at a time when Bitcoin has reached new milestones, with its value reaching an impressive $71,800 on March 11. This achievement reflects the growing interest and confidence in the cryptocurrency market.
Wood also acknowledged the impact of the launch of the first exchange-traded funds (ETFs) in the US on January 11. This development has further fueled interest and momentum in Bitcoin, prompting Ark Invest to reassess its bullish stance on the cryptocurrency. The company now predicts a price of $1 million for Bitcoin by 2030.
It is important to note that the views and opinions expressed by the experts mentioned in this article are for informational purposes only and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
In other news, Bitcoin has achieved a significant milestone by processing one billion transactions, further solidifying its position as a leading digital currency.