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Analyst predicts Bitcoin will reach $500,000 and outlines timeline for bull run

  • Forget the crystal ball, PlanB just raised the bar by predicting a Bitcoin surge to $500,000!
  • The recent lull around $70,000 could be the calm before the storm, according to PlanB’s latest insights.

Bitcoin is stealing the show once again, with all eyes on its recent stable performance amidst market fluctuations.

Despite hovering near $70,000 with minimal movement, the renowned crypto analyst PlanB has dropped hints that point to a major uptick in the crypto’s value.

Known for his spot-on predictions, PlanB’s analysis highlights a potential surge following the latest halving event.

By crunching the numbers using his proprietary Bitcoin Stock-to-Flow model (S2F), along with other key indicators, he’s drawing parallels with previous bullish cycles, suggesting we might be on the cusp of a massive bull run.

Decoding the S2F model and market cycles

The Stock-to-Flow model, measuring a commodity’s current stock against its production flow, signals a forthcoming exponential rise for Bitcoin.

Based on PlanB’s latest analysis, closing above $67,000 last month marks the start of a new cycle akin to the post-halving surges witnessed previously.

If past patterns hold true, Bitcoin could skyrocket to an eye-popping $500,000 in the upcoming cycle.

Backing this projection is PlanB’s study of the Bitcoin Market Cycle indicator, aligning with the onset of a bullish phase in the market.

While patience is key, PlanB hints that the real action will kick in once prices start leaping. The Relative Strength Index (RSI) readings mirror those prior to the 2012 bull run, signaling the early stages of a bullish trend.

Moreover, the Bitcoin 200 Week Moving Average (WMA) trending upwards hints at an impending bull market lift-off.

With signals aligning, crossing the $100,000 milestone seems imminent for Bitcoin.

Another positive sign is the Bitcoin Realized Price indicator, syncing with historical data to support the bullish scenario.

PlanB stands firm on his belief that Bitcoin won’t dip below $64,000 before the anticipated rally.

Tracking PlanB’s crystal ball moments

PlanB doesn’t shy away from bold calls in the crypto realm.

With a track record of on-point forecasts, his 2020 prediction of Bitcoin hitting $55,000 amid widespread doubt and fear stands out as testament to his foresight.

Though not all predictions hit the mark, like the missed $100k mark in 2021, Bitcoin still saw monumental success by soaring past $69,000 for the first time.

As the $100,000 forecast gets revisited, diving into the fundamentals is crucial. Data from Santiment highlighting a decrease in Bitcoin’s 7-day active addresses could hint at reduced market activity.

 

Source: Santiment

Meanwhile, with BTC’s Gini index at 0.985 indicating wealth concentration among holders, this could impact price stability and trading dynamics.

On a brighter note, Bitcoin’s open interest saw significant growth, with a 1.36% increase in the past 24 hours, pushing the total valuation to $35.83 billion.

Source: Coinglass


Check out the latest Bitcoin [BTC] Price Prediction for 2024-2025


With open interest values surging nearly 25% in the same period, there’s a wave of positivity among traders.

Backing this optimism, AMBCrypto highlighted Bitcoin’s formation of an asymmetrical triangle on the 4-hour chart, a pattern that often precedes significant price movements, possibly pushing BTC towards $74,400.

 

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