#BTC BTC will remain above $32,000 until halving

Bitcoin halving is an event where BTC production and mining rewards are halved every four years or after 210,000 blocks. This mechanism increases the scarcity of an asset, increasing its value. The fourth halving is scheduled to occur in April 2024, and the mining reward for each block will be reduced by 50% to 3,125 BTC.

Historically, BTC has entered bull market mode after every halving. PlanB's market cycle model predicts that the asset is currently in a pre-bull market stage, and unless regulators approve a spot Bitcoin exchange-traded fund (ETF) sooner than planned, a "full-fledged" bull market will occur following the halving. It shows that we are on a trajectory towards. PlanB's tweet was in response to a comment that members of the crypto community could buy BTC for $29,000 during Preble Season. BTC is currently trading at around $37,000, according to CoinMarketCap data, and it remains to be seen whether PlanB's predictions are correct or market dynamics will drive the asset price lower.

From $100,000 to $60,000

PlanB's latest forecast is consistent with the scenario he outlined in his April. A former Dutch institutional trader reportedly said that BTC will trade around $60,000 to continue rising after the next halving.

However, this prediction does not match his analysis from February 2022. PlanB said that according to the S2F model and logarithmic regression, BTC will rise to $100,000 by the end of 2023. With BTC price below $40,000, PlanB's could be considered inaccurate after previous failures in 2021 and 2022. The market could be in for a surprise and BTC could rise to unprecedented highs.

Meanwhile, PlanB predicted earlier this year that BTC could reach $1 million by 2025.