Bitcoin Price Forecast: Here’s When BTC Price Will Surge Above $50K
Bitcoin price has retested $23k in the past seven days after a sudden breakout from last week’s $21k resistance level. As a result, a popular analyst dubbed PlanB has highlighted that Bitcoin’s realized return just turned positive. According to the analyst, Bitcoin sellers are now taking profits instead of cutting losses.
In a recent YouTube video, PlanB highlighted his predictions for Bitcoin price in the next few years. However, not all his previous predictions materialized in the past. For instance, PlanB had predicted Bitcoin price will hit a $100k base price during the 2021 bull market and a high of over $240k. Bitcoin price, however, hit an ATH of around $69k and retracted to trade at about $15.5k last December.
Nonetheless, the analyst has made specific calls that materialized timely in the past. Forward, PlanB expects Bitcoin to trade above $32k during next year’s halving. Additionally, the analyst forecast that Bitcoin price will trade above $100k during the 2025 bull market.
Bitcoin Market Outlook
Bitcoin price has hit a psychological resistance level of around $23k with onchain data suggesting mixed reactions. According to an on-chain analytics firm, Santiment increased crypto social interactions and FOMO may cause the market to form the top. The increased sell pressure from Bitcoin miners and short-term holders may lead to an imminent price reversal.
According to aggregate data provided by Coinglass, a total of $108 million has been liquidated from the crypto market in the past 24 hours. Bitcoin and Ethereum lead in liquidation with approximately $27.57M and $30.02M respectively.
Meanwhile, long-time Bitcoin critic Peter Schiff thinks the last bull market was a hoax and the price should be below $10k.