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One Catalyst Could Send Bitcoin Flying to New All-Time High in Four Months, According to Quant Analyst PlanB

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On-chain analyst PlanB says that one event could push Bitcoin (BTC) to a new all-time high in as little as four months.

In a new ask-me-anything (AMA) session, the quantitative analyst tells his 82,400 YouTube subscribers that the approval of spot market Bitcoin exchange-traded funds (ETFs) could cause the crypto king to surge to new all-time highs before its halving event in April 2024.

The halving is a historically bullish event as it slashes BTC miners’ rewards in half.

Says PlanB,

“The halving is in April 2024, so that’s four months from now. A possible all-time high would be $69,000 – that would be a 50%+ increase in the next four months.

I think it’s very well possible. In fact, if the ETF gets approved before the halving – and I think everybody’s looking at January for that – if the ETF gets approved by January, then I think we’ll have this all-time high in the pocket, and $69,000 would be a low estimate – I think we’ll go straight to $100,000.”

PlanB goes on to argue that even in a short-term bearish scenario, Bitcoin won’t fall below the $25,000 level, barring a major black swan event.

“It could [dip] if we see a black swan – something that we we do not expect like the last halving in 2020, we had the Covid crisis hit two months before and that was a big black swan.

We can have that, but I don’t see one [on the] horizon at the moment. I don’t think it will be there and I think Bitcoin is perfectly on track for the next bull market without a prior crash to $25,000 levels. In fact, I have said it would surprise me if we would ever go below $35,000 again.”

Bitcoin is trading for $40,933 at time of writing.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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