Bitcoin (BTC), the cryptocurrency with the largest market capitalization, is enjoying a relief bounce since the start of the year. The crypto market as a whole was able to recover from the terrible drop that occurred in 2022 due to the current price rebound.
Over the past day, the asset has seen a phenomenal increase of 11%. The token even managed to briefly cross the important price threshold of $21,000.
A 4600%+ price increase for BTC?
According to the quantitative analyst Plan B, he believes Bitcoin bottomed around $15,500 in November 2022, and short-term investors are now in the profit zone, which is a generally positive indication. PlanB claims this is a hint that the price of Bitcoin will continue to rise.
According to the quantitative analyst, he also predicts that the flagship cryptocurrency asset will fly past $30,000 at the time of the halving in 2024, followed by a parabolic rise in 2025.
The future bull market, based on the forecast of the quantitative analyst, will have a wide range, and it is possible that the price of the flagship cryptocurrency asset will reach up to $1 million. This is an increase of approximately 4,689% over current rates.
The PlanB graph:
The analyst added:
“I think the bull market range will be $100,000 to $1M, but a lot of people don’t understand wide ranges (or the volatility that creates them), so I’ve pinned it at the comfortable 100,000 level. $.”
Bitcoin price continues to be a major factor keeping investors bullish on the market. Despite this, there is still potential for a sharp turnaround in the positive sentiment that has emerged in recent days.
In related news, according to data from Companiesmarketcap.com, Bitcoin’s market capitalization has surpassed that of banking giant Mastercard and social media giant Meta.
After months of relatively stable prices, the cryptocurrency market has seen a resurgence, with bitcoin overtaking well-established companies such as Meta Platforms, Eli Lilly and Chevron. As of this writing, one bitcoin is valued at $20,475.