Quant analyst PlanB is predicting a big move for Bitcoin (BTC) will unfold by the end of this year, based on several indicators.
PlanB tells his nearly 2 million followers on the social media platform X that he’s watching Bitcoin’s miner revenue metric.
The analyst’s chart suggests that historically, Bitcoin goes on parabolic run-ups after miner revenue bottoms shortly after halvings, represented by the dark red dots.
Based on the correlation between price and miner revenue, PlanB says Bitcoin is set to double in price between now and late December.
“Miner revenue bottomed after April 2024 halving.
I expect bitcoin price to double from today in 3-5 months.”
Last week, speaking at the Bitcoin 2024 Conference, Republican Senator Cynthia Lummis of Wyoming announced that she would propose a bill to establish a BTC reserve as a means of securing the value of the US dollar amid a record-breaking national debt.
Shortly before, Republican nominee and former president Donald Trump said under his administration, the US would stop selling its trove of seized Bitcoin on the open market and instead strategically hold the asset as an investment.
With the latest developments, PlanB says Bitcoin has reached the “nation-state adoption” phase. He shares a chart using his trademark stock-to-flow (S2F) model, a type of analysis originally created for commodities that PlanB later adapted for Bitcoin which measures how scarce an asset is.
“Phase 5: nation-state adoption … are you ready?”
At time of writing, Bitcoin is trading at $66,789.