Bitcoin is currently moving toward a significant price rise, as the latest statistics point out. As per a popular crypto analyst going by PlanB on YouTube, Bitcoin is preparing to reach the price target of $500,000 within the present 4-year halving cycle. The analyst took to YouTube to discuss the current position of Bitcoin and its next price progress.

PlanB Predicts Bitcoin’s Movement Toward the $500,000 Price Target

PlanB mentioned that, while moving toward $500,000 over 4 years, Bitcoin’s price will range from $250,000 and $1M. The prediction takes its origin from PlanB’s initial 2019 model that projects enormous growth for Bitcoin. Recently, the top crypto token surpassed the long-held trading range thereof, touching its all-time high at $76,000 following the U.S. elections. Hence, PlanB thinks that the respective price surge denotes the commencement of a substantial bull run.

At present, Bitcoin is changing hands at $77,373.54. This figure accounts for a 1.28% rise in the recent 24 hours. In addition to this, the crypto token has seen a 12.94% price increase over the last 7 days. Moving on, in a 1-month spectrum, Bitcoin has witnessed a massive 27.66% price progress. Moreover, the market capitalization of the chief crypto has reached $1.53T, showing a 1.25% jump.

Trump’s $BTC Reserve Plan and MicroStrategy’s Bitcoin Acquisition Strategy Tend to Boost the Token’s Bullish Trajectory

A chief driver backing the anticipated price spike includes the potentially pro-Bitcoin Donald Trump’s re-election in contrast with his precursor. Trump has presented his intentions to develop a countrywide Bitcoin reserve. It would target to acquire up to 200,000 $BTC yearly over the upcoming 5 years. On its implementation, the respective policy would exert a huge upward price pressure because of increased demand.

Apart from the national reserve strategy of Trump, MicroStrategy (the company operating under Michael Saylor) has also announced a plan. It is going to acquire $42B in Bitcoin along with targeting the purpose of 200,000 $BTC every year. The big-scale buys from the powerful players would add to sustained market demand, reinforcing Bitccoin’s bullish outlook.

According to PlanB, the stock-to-flow model’s prediction for Bitcoin’s average price level of almost $500,000 during the halving cycle stays credible. In line with the converging policy, technical, and economic factors Bitcoin is setting the stage for a remarkable bull run.