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- PlanB has predicted that Bitcoin will reach $100,000 in 2024.
- According to PlanB, BTC’s target for the next bull run is $500,000.
- The analyst showed that Bitcoin S2F, Market Cycle, and RSI suggest an exponential growth path for BTC.
Renowned cryptocurrency analyst identified as PlanB on social media has predicted that Bitcoin would reach $100,000 in 2024. In a recently uploaded video, the analyst noted that Bitcoin could climb above the projected price, considering the flagship crypto’s recent trend.
Using the Bitcoin Stock-to-Flow Model (S2F), PlanB revealed that there would be a steep rise for BTC after breaking above the recently achieved all-time high (ATH). He showed that the target for the upcoming bull run following the next Bitcoin halving is $500,000. However, he clarified the rise would be gradual due to the cryptocurrency’s growth pattern.
According to PlanB, achieving the full potential of a bull run takes several months. He used Bitcoin’s historical data to show that a halving-influenced rally could take over a year. Hence, he predicts that Bitcoin will establish its next top in 2025 and could be higher than the projected $500,000.
Continuing his analysis, PlanB showed that the Bitcoin market is in the early stages of the next bull cycle. Compared with the previous bull cycles, he noted this trend would continue for about one year. However, he highlighted that there will be increased volatility along the line, with multiple retracements characterizing the bull run.
PlanB employed the RSI indicator, showing that Bitcoin’s behavior in this bull cycle differs from previous ones. He noted that the RSI is at its highest pre-halving level ever, suggesting there would not be characteristic pre-halving diminishing returns this time.
The renowned analyst thinks Bitcoin will stay on an exponential return growth path, aligning with the S2F Model. According to PlanB, Bitcoin’s behavior between April and May would provide a significant indicator ahead of the bull run. He thinks the RSI level at the point when the bull run sets in would provide crucial information on how the trend would develop.
The post Bitcoin Targets $500K in the Upcoming Bull Run: Crypto Analyst appeared first on Coin Edition.