A Classic Indicator Suggests Parabolic Rally Coming: Plan B
A popular crypto analyst, PlanB, believes that Bitcoin’s price could reach six figures within a year. He points to the relative strength index (RSI), which is currently showing a pattern that has previously signaled parabolic rallies. The RSI tracks the momentum of an asset and is expected to rise towards the halving, with some volatility along the way. PlanB uses his stock-to-flow (S2F) model to support his prediction. This model compares an asset’s price to its available supply and suggests that Bitcoin could hit $60,000 by the 2024 halving event, followed by a potential move to between $300,000 and $500,000. At the time of writing, Bitcoin is trading at $28,813.
– The RSI is indicating a potential parabolic rally for Bitcoin.
– PlanB’s stock-to-flow model predicts a price of $60,000 by the 2024 halving event.
– Bitcoin could potentially reach $300,000 to $500,000 during the next bull market.
– The current price of Bitcoin is $28,813.
– Volatility can be expected along the way.
Hot Take
According to PlanB, a historically reliable indicator suggests that Bitcoin’s price may reach six figures within a year. His analysis of the relative strength index (RSI) and the stock-to-flow (S2F) model indicates potential price movements, with a target range of $300,000 to $500,000 during the next bull market. While there may be some volatility along the way, the overall outlook for Bitcoin’s price is optimistic. Keep an eye on these indicators as they could provide valuable insights for crypto investors.
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