PlanB predicts a Bitcoin bull run, targeting a target of $100,000 in 2023-2024 based on stock-to-flow modeling
Crypto analyst PlanB, based on technical indicators and his stock-to-flow model, predicts that Bitcoin will enter a bull market and potentially reach over $100,000 in 2023-2024.
Cryptocurrency analyst PlanB explains in a YouTube video that he believes Bitcoin (BTC) is about to enter a new bull market phase.
The analyst referred to the Stock-to-Flow (S2F) model and explained why he believes Bitcoin may surpass $100,000 in 2023 or 2024.
The stock-to-flow model is used by some analysts to predict the price of Bitcoin, arguing that its scarcity (as quantified by the stock-to-flow ratio) determines its value. The model suggests that the price of Bitcoin should increase if demand remains stable or grows if Bitcoin becomes more scarce (i.e. if the stock-to-flow ratio increases).
“I think this is an indication, especially the yellow dots over the last two months, that the bull market is just around the corner,” PlanB said, pointing to charts showing Bitcoin’s realized returns. The S2F model estimates that Bitcoin could reach a value of up to $532,000 by the next halving in 2024, as the integrated supply halves every four years.
While PlanB believes it will take at least five more months for the “real bull market” to begin, the analyst says a standard deviation is starting to form in the S2F model, leading to a Bitcoin price of $55,000 to $60,000 should lead. Historically, Bitcoin price reaches this point after every halving and right before a rapid increase
In addition to the S2F model, PlanB showed various technical analysis indicators such as the Relative Strength Index (RSI) and the 200-week moving average, which he believes support Bitcoin starting an uptrend.
If that happens again, which I assume it will, we will rise, not like in a full-fledged bull market, but we will slowly rise towards the next red dot, the next halving. And yeah, that's very interesting to see over the next few months.
Plan B
After the next halving, PlanB assumes that the market will calm down and take a breather. He expects growth to continue for some time.
By the way, that's what I expect after the halving. So we have to be patient for a few more months, at least five months, I think. But it could also be earlier. We will see.
Plan B
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