With the majority of assets in the cryptocurrency sector slowing down their gains, including the market’s representative, Bitcoin (BTC), the situation may soon change, particularly as Bitcoin miner revenue recovers, according to the observations of a renowned crypto trading expert.
Specifically, the historical trends show that Bitcoin miner revenue tends to recover in two to five months after the halving, and after that, the price of Bitcoin “goes vertical” as the crypto analyst and creator of the stock-to-flow (S2F) model in predicting Bitcoin’s price, PlanB pointed out in an X post on May 14.
Indeed, monthly Bitcoin miner revenue has consistently grown over time and has recorded peaks in the months following the halving event, coinciding with a high relative strength index (RSI), which has tended to increase alongside revenue and then drop to below 70 as it consolidates – generally a bullish sign.
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BTC price prediction
Earlier, PlanB offered his views regarding the price of the maiden crypto asset for the next several years, refreshing the S2F model with new data that places an average price of Bitcoin for the 2024-2028 halving cycle at $500,000, with the following cycle, 2028-2032, looking at a whopping $4 million.
In terms of Bitcoin’s price this year, the analyst has expressed confidence in the flagship decentralized finance (DeFi) asset hitting $100,000 in the second half of 2024, driven by the tendency of mining revenue to recover following the halving event, with the market peak expected in 2025.
Bitcoin price analysis
For now, Bitcoin is changing hands at the price of $62,120, recording a modest gain of 0.43% in the last 24 hours while still writing down a loss of 0.33% across the previous seven days and an accumulated decline of 6.31% on its monthly chart, as per the latest data on May 15.
All things considered, experts’ opinions and historical trends are all working in Bitcoin’s favor, and its price might, indeed, follow this set path. However, the situation in the crypto industry can sometimes take a surprising turn, so doing one’s own research is critical when investing.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
