Cryptocurrency expert PlanB recently discussed the potential price increase of Bitcoin (BTC) in a recent technical analysis. PlanB’s analysis indicated that the entry of Bitcoin into a new phase historically coincided with increases in the value of the largest cryptocurrency. In a YouTube video, PlanB provided an update on his stock-to-flow (S2F) model.
PlanB’s S2F model has previously predicted the start of significant bull runs following Bitcoin halvings. He stated, “It is the first month after the halving and the beginning of a new cycle. So, in my opinion, Bitcoin will experience a surge in value after the halving, similar to what happened in the last halving cycle in 2020, the previous cycle in 2017, and the halving in 2012 and 2013. I believe we will see another rise, which is at the core of the stock-to-flow model, but only time will tell.”
Additionally, PlanB highlighted that historically, the realized price level over a five-month period has served as a strong support zone in bull markets. He explained, “It acts as a support level during bull market dips, such as the one we experienced in 2020. The price bounced off this support line, just like it did in 2017. I hope this pattern repeats, as we saw in April. Despite a dip, the realized price in five months remained strong at $60,000, and Bitcoin was slightly below that at $59,000 or $58,000. The five-month realized price served as an excellent support level, and we broke out of that level in May.”
As of now, the price of Bitcoin stands at $69,361.21, reflecting a 1.9% increase in the last 24 hours.
In the cryptocurrency market, which continues to captivate the attention of both novice and experienced investors, trader Dave the Wave, who accurately predicted the May 2021 collapse, has made new predictions that could determine Bitcoin’s next peak. With over 146,000 followers on a popular social media platform, Dave utilizes an adapted version of the logarithmic growth channel (LGC) curve to project Bitcoin’s future movements.
According to Dave’s LGC model, Bitcoin could potentially reach a value up to three times higher than its current price during this cycle, placing the cryptocurrency at an impressive $205,000.
It is important to note that the views and opinions expressed by the author and individuals mentioned in this article are for informational purposes only and should not be considered financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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