Bitcoin Analyst Predicts Parabolic Bull Run for the Rest of the Year
According to popular price analyst PlanB, Bitcoin (BTC) is embarking on a parabolic bull run that will continue throughout the rest of the year. PlanB, known for accurately predicting Bitcoin’s monthly closes during the 2021 bull market, published a graph illustrating Bitcoin’s “market cycle” and stated that the price has now exited the “accumulation phase.”
No More Easy Buying Opportunities
PlanB mentioned that there will no longer be easy buying opportunities in steadily increasing markets. He anticipates approximately 10 months of extreme price pumps combined with multiple -30% drops, based on historical patterns.
Bitcoin Bull Market Begins
PlanB gained popularity as an online analyst during the previous Bitcoin bull market and is known for popularizing the Bitcoin “stock to flow model.” This model projects Bitcoin’s future price based on its increasing scarcity and predicts a potential price of $532,000 by 2026.
While PlanB faced criticism when Bitcoin’s price dropped below $20,000 in 2022, he maintains that his model is still valid now that BTC has surpassed $60,000 per coin.
Bitcoin’s Impressive February Rally
Bitcoin’s price has risen by 39% year-to-date, driven by the popularity of newly launched Bitcoin spot ETFs in the United States. This rally culminated in the largest monthly green candle in Bitcoin’s history.
Major investment firms such as BlackRock, Fidelity, and Bitwise have collectively received over $7 billion in net inflows since launching their ETFs on January 11. Even with outflows from the Grayscale Bitcoin Trust (GBTC), which is more expensive to own compared to the new alternatives, the ETFs have been successful.
ETFs as Catalysts for Bitcoin’s Upside
Many analysts believe that ETFs will serve as a primary catalyst for further upside potential. Tom Lee from Fundstrat predicts that BTC could reach $150,000 by the end of the year, thanks to the ETFs and other factors.
The Bitcoin “Power Law” Model
Giovanni Santostasi’s Bitcoin “Power Law” model also suggests a positive future for BTC. Although Santostasi has some concerns about the stock-to-flow model, his own model predicts that Bitcoin’s price will reach $200,000 within two years.
Overall, with PlanB’s bullish outlook on Bitcoin’s future price trajectory and the positive impact of ETFs and other models, it appears that Bitcoin is poised for significant growth in the coming months.
Hot Take: Bitcoin Set for Parabolic Bull Run
The well-known price analyst PlanB has predicted that Bitcoin (BTC) is about to embark on an extraordinary bull run that will continue throughout this year. According to PlanB, who gained fame during the previous bull market for accurately predicting monthly closes, Bitcoin has exited its accumulation phase and entered a new market cycle. This means that there will no longer be easy buying opportunities in steadily increasing markets. Instead, investors can expect around 10 months of extreme price pumps combined with occasional significant drops. PlanB’s optimistic outlook is supported by the popularity of newly launched Bitcoin spot ETFs in the United States, which have driven a 39% increase in Bitcoin’s price year-to-date. Major investment firms such as BlackRock and Fidelity have already attracted over $7 billion in net inflows since launching their ETFs in January. Furthermore, other models, such as the Bitcoin “Power Law” by Giovanni Santostasi, also project significant price increases for BTC in the coming years. With all these factors aligning, it seems that Bitcoin is on track for a parabolic bull run and substantial growth in the foreseeable future.
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