Crypto Analyst Predicts Bitcoin Bull Market with Potential Price of Over $100,000
Crypto analyst PlanB believes that Bitcoin is on the verge of entering a new bull market phase. He bases this prediction on the stock-to-flow (S2F) model, which suggests that Bitcoin’s scarcity drives its value. According to the model, as Bitcoin becomes scarcer, its price should increase.
PlanB references charts showing Bitcoin realized returns and points out that the S2F model indicates a potential bull market building. He also mentions that the S2F model predicts a price of $532,000 by the next halving in 2024.
PlanB expects it will take around five months for the “real bull market” to start. However, he believes that a standard deviation forming in the S2F model will lead to a price range of $55,000-$60,000 for Bitcoin. He also highlights technical analysis indicators like the Relative Strength Index (RSI) and 200-week moving average as supporting factors for Bitcoin’s upward trajectory.
Market Calmness Expected After Halving
After the next halving event, PlanB anticipates that the market will calm down and enter a period of consolidation. He expects growth to slow down during this time but notes that the exact timeline is uncertain.
Hot Take: What Does This Mean for Crypto Investors?
If PlanB’s predictions hold true and Bitcoin enters a bull market with prices potentially exceeding $100,000, it could be an exciting time for crypto investors. The S2F model has gained popularity among analysts, and its potential impact on Bitcoin’s value cannot be ignored. However, it’s important to remember that cryptocurrency markets are highly volatile and unpredictable.
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