Legendary cryptocurrency analyst PlanB says that Bitcoin price now confirms the bottom. Known for his Stock-to-Flow (S2F) model, the analyst has updated his 6-digit price targets.
PlanB dates Bitcoin price within $100,000
The inventor of the S2F model recently doubled down on his prediction that Bitcoin (BTC) could see a meteoric rise in the upcoming bull market. The analyst recently said on Twitter that Bitcoin dropped to $15,500 in November 2022 and that short-term investors are now in the profit zone, often referred to as a bullish signal. PlanB also stated that it has seen Bitcoin rise above $30,000 around 2024 before a parabolic surge in 2025.
Bitcoin price target #2: Nov 2022 low of $15,500 was the base level – BTC has passed the Short Term Holder (STH) and will rise to the halving in 2024 and subsequently the 2025 bull market. Several on-chain signals confirm the STH signal.
2024 halving > $32,000 – 2025 bull market > $100,000.
According to CoinMarketCap, during the analysis of PlanB, BTC is trading at $ 20,500, with a relatively 8% price increase in the last 24 hours. The crypto analyst expects Bitcoin to process over $32,000 in 2024 and over $100,000 in 2025.
“Bitcoin may rise 5,000%”
PlanB also added that the upcoming bull market will have a wide spectrum and that Bitcoin could skyrocket to $1 million, an increase of about 4,689% compared to current prices:
I actually think the bull market range would be $100,000 – $1 million, but many people don’t understand wide margins so I fixed it at $100,000 which is actually comfortable.
BTC sees an increase of over 10%, watch out for these
The price of Bitcoin rose to $18,800 and then to the 20,500 range after a recovery that started around $15,000. Analyzing BTC’s price action over a daily time frame, it turned out that the coin gained almost 11%.
Further analysis of data revealed that BTC has surpassed the first resistance provided by the short Moving Average (yellow line). If a rally continues, your long Moving Average (blue line) shows you have enough strength for higher highs.
In addition, whales, another bullish catalyst, are supporting the price increase in the last rally. A chart from Santiment showed whale process activity increased for the first time in two months. More than 1,700 Bitcoin transactions were made, roughly worth over $1 million daily.
According to historical information, whales last performed so many processes in November 2022. As long as the transaction volume remains this high, BTC will remain viable for higher highs. Some analysts warn that there may be a drastic correction in the short term.