PlanB: BTC Miner Revenue Recovery May Send Bitcoin Price 'Vertical' Soon

IconCNT16 May, 2024

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PlanB: BTC Miner Revenue Recovery May Send Bitcoin Price 'Vertical' Soon

PlanB, the enigmatic crypto analyst and creator of the stock-to-flow (S2F) Bitcoin price prediction model, shared some interesting insights on Twitter recently. He suggested that the price of Bitcoin (BTC) could experience a significant surge in the near future. According to PlanB, there is a historical correlation between the recovery of Bitcoin miner revenue and subsequent price increases. "Historically, it took on average 2-5 months after the Bitcoin halving for miners’ revenue to recover, and the BTC price went vertical," he explained. This observation holds significance because the Bitcoin halving that occurred in May 2020 marked a reduction in the block reward from 12.5 BTC to 6.25 BTC for every block mined. Such halvings are designed to control the issuance of new Bitcoins and typically have a profound impact on the market. Currently, Bitcoin miner revenue has started to rebound, indicating that the recovery phase may be underway. If history repeats itself, we could see a notable upswing in the price of Bitcoin in the coming months. Previously on 15 May 2024, PlanB had also hinted at the possibility of a Bitcoin price surge, stating that the price could "go vertical" soon.

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