Bitcoin (BTC) has kickstarted the week on a promising trajectory, echoing the optimism prevalent in the broader cryptocurrency sector. As experts weigh in on its future, the $100,000 mark appears closer than ever.
PlanB’s Bullish Prediction for Bitcoin
Notably, the well-known cryptocurrency analyst, PlanB (also known by the moniker 100trillionUSD), recently doubled down on an earlier prediction. In a recent post from September 18, he emphasized the potential influence of Bitcoin’s upcoming halving event. Drawing on historical patterns, PlanB suggests this could propel Bitcoin above the $32,000 mark.
Recalling Bitcoin’s impressive performance, it soared from $18,000 to $27,000 since January 12. This is particularly noteworthy considering PlanB had made this initial prediction around that time.
With the 2024 halving on the horizon, he projects Bitcoin’s price to oscillate between $23,000 and $66,000. But, the real spectacle unfolds in 2025. PlanB believes that the bull market could push Bitcoin anywhere from $100,000 to an astonishing $1 million per BTC.
Recent Performance & Key Indicators
As of September 18, Bitcoin was exchanging hands at a commendable $27,320. This represents a daily gain of 2.84%, a weekly increment of 6.43%, and a 5.41% monthly surge.
A significant development worth noting is Bitcoin’s first bullish crossover in over a year, which many view as a precursor to a robust recovery phase. And with 29 halving events left, each brings with it the tantalizing possibility of another bullish rally.
FED’s Interest Rate: A Defining Moment for Bitcoin?
This week promises to be pivotal for Bitcoin and its crypto-counterparts, thanks to the imminent interest rate decision from the US Federal Reserve (FED).
Despite recent US inflation data surpassing expectations, Bitcoin maintained stability around the $26,000 mark. The absence of a significant catalyst meant that Bitcoin’s trading activity remained between $26,000 and $27,000.
Nevertheless, there are cautionary voices in the mix. Some analysts caution that the FED’s interest rate decision could exert downward pressure on volatile assets, including cryptocurrencies.
Simon Peters, an analyst at eToro, communicated his apprehensions to Coindesk. He emphasized that both the UK and US are bracing for pivotal interest rate announcements. “Given the sensitivity of cryptocurrencies to interest rate fluctuations, adverse statements from central banks could dampen investor sentiment,” Peters remarked.
At the moment, Bitcoin’s resilience is evident. It trades steadily above $27,000, with the current price hovering around $27,150.
As Bitcoin treads on this volatile path, influenced by global financial decisions and its inherent halving events, the million-dollar question remains: Will PlanB’s audacious prediction come to fruition? Only time will tell.
