PlanB Predicts Bitcoin Price to Double by December Amid Miner Revenue Metrics and Nation-State Adoptions

Quantum analyst PlanB, who has a large fan base, has made a bold prediction about the future price action of Bitcoin (BTC). By analyzing Bitcoin’s mining revenue metric, PlanB predicts a parabolic price increase in the near future based on historical trends. According to his analysis, Bitcoin’s mining revenue usually doubles in price a few months after it reaches its lowest level, usually after halving events.

Central to PlanB’s analysis lies the relationship between Bitcoin’s price and miner revenues. #Bitcoin halving events reduce the reward miners receive, while their revenues initially decrease. However, historically, there has been a significant price increase after this bottom. PlanB expects Bitcoin’s current market behavior to follow this same pattern, predicting a potential price doubling within 3 to 5 months from now.

Following PlanB’s prediction, political developments related to Bitcoin also made headlines. Wyoming Senator Cynthia Lummis announced her intention to introduce legislation proposing to create a Bitcoin reserve and use it to protect the value of the US dollar in the face of a rapidly increasing national debt. This announcement came during her speech at the #Bitcoin 2024 Conference.

Further fueling the debate, former President Donald Trump, the Republican candidate, announced a strategy to stop the liquidation of Bitcoins seized by the US government and instead proposed holding these assets as investments in the future. Such steps, as PlanB emphasizes in his analysis, indicate a potential shift towards Bitcoin adoption by nation states. Using the stock-to-flow (S2F) model, PlanB emphasizes Bitcoin’s scarcity and increasing value, stating that #Bitcoin has entered its “phase 5” and is gaining wider acceptance.