The direction of the Bitcoin price from here remains a hot topic among investors and traders as bearish and bullish speculations clash. However, for PlanB, a well-known crypto analyst on the X (formerly Twitter) platform, the expectations for the BTC price remain bullish, especially as Bitcoin miners have suffered a decline in revenues in recent times.
Bitcoin Miner Revenues Mark A Bottom
Crypto analyst PlanB took to X (formerly Twitter) to share an interesting development that Bitcoin miners are facing. Revenues have been falling for Bitcoin miners over the past year leading up to the halving. However, the crypto analyst shared that the decline in revenues has now hit a bottom after the halving was completed in April.
This bottom is important not for just miner revenues, but for the Bitcoin price as well. As the analyst explains, this signals positive motion for the digital asset, which he believes will begin to rise over the next few months. But not just that, he believes that the BTC price will double from here.
PlanB’s prediction would mean that the Bitcoin price would finally climb above the coveted $100,000 level. The timeframe given by the crypto analyst for this is the next 2-5 months, which means that PlanB expects the Bitcoin price to surpass $100,000 sometime this year.
Miner revenue bottomed after April 2024 halving.
I expect bitcoin price to double from today in 3-5 months. pic.twitter.com/JoiQ4jeE4I— PlanB (@100trillionUSD) July 29, 2024
Mapping Out The BTC For The Next 5 Years
When asked for his expectations for the Bitcoin price going forward, the crypto analyst pointed to a previous analysis that outlined their predictions for the next half decade. PlanB’s forecasts ran through five years starting with 2024 and leading up to 2028.
For 2024, the crypto analyst believes that the Bitcoin price will not only cross $100,000, but will rise as high as $150,000 by the end of the year. Then next year, in 2025, the forecasts is even bigger, with an $800,000 price tag placed on the pioneer cryptocurrency.
The next year, 2026, the crypto analyst expects a drawdown from 2025’s figures, suggesting that $800,000 is as high as it’s expected to go in 2025. He puts the 2026 figure at $400,000, which would be a 50% decline from the 2025 $800,000 prediction.
In 2027, the crypto analyst expects a further decline in the BTC price, putting it at $300,000. However, 2028 is expected to be more bullish than the previous year, with the price tag set for $400,000 once more.