PlanB predicts a Bitcoin bull market based on stock flow modeling and is targeting a $100,000 target in 2023-2024.
Crypto analyst PlanB predicts that Bitcoin is likely to surpass $100,000 and enter a bull market in 2023-2024 based on technical indicators and stock flow models.
Crypto analyst PlanB said in a YouTube video that he believes Bitcoin (BTC) is entering a new bull market phase.
The analyst explained why he sees Bitcoin potentially exceeding $100,000 in 2023 or 2024, pointing to the stock-to-flow (S2F) model.
The stock-to-flow model is used by some analysts to predict the price of Bitcoin, arguing that Bitcoin’s scarcity (quantified by its stock-to-flow ratio) drives its value. This model suggests that as Bitcoin becomes scarce (i.e. as its stock-to-flow ratio increases), its price should rise, assuming demand remains steady or increases.
“I think this is a sign that a bull market is forming soon, especially the yellow dots over the past two months,” PlanB said, referring to a chart showing Bitcoin realized returns. The S2F model assumes that Bitcoin could reach up to $532,000 by the next halving in 2024, as the base supply halves every four years.
PlanB believes it will take at least another five months for a “real bull market” to begin, but the analyst says a standard deviation leading to $55,000-$60,000 for Bitcoin in the S2F model is starting to form. Historically, Bitcoin price has reached this point after every halving and just before a sharp rise.
In addition to the S2F model, PlanB also presents various technical analysis indicators, such as the Relative Strength Index (RSI) and the 200-week moving average, to support its case for starting an upward trajectory for the Bitcoin price.
If that happens again, we won’t be rising like a full-blown bull market, but will be slowly rising towards the next red dot, i.e. the next halving. And yes, it will be very interesting to watch over the next few months.
Plan B
After the next halving occurs, PlanB expects markets to calm down and take a breather. He expects growth to stall for some time.
By the way, I expect it after halving. So I guess we will have to wait for the next few months, at least 5 months. But it might be faster than that. We’ll see.
Plan B