The Bitcoin price breaks an all-time high and exceeds $72,200 – this is how it continues, according to PlanB and Willy Woo
After several test runs, Bitcoin (BTC) has officially broken through its all-time high and is now threatening to eclipse previous prices.
At the start of a new week, the crypto king rose as high as $72,211 before falling to $71,996 at the time of publication.
The move has fundamental and technical analysts guessing what comes next.
Quantitative analyst PlanB, known for adapting the stock-to-flow scarcity model to Bitcoin, says the true bull market will begin soon.
He expects a major fireworks display to begin once the BTC halving occurs next month, which will reduce the amount of new BTC entering the market by half.
“A lot of people hated the stock-to-flow model because it was bearish when prices were low in 2022… but every time the price went below the model, it fell above the model and way below the model.
That's what I'm hoping for. In fact, it’s exactly what I expect.”
PlanB believes BTC is likely to rise to at least $100,000 and up to $1 million “if history is any guide.”
On-chain analyst Willy Woo agrees that things are just getting started, saying Bitcoin's rise from around $16,000 in November 2022 was just the warm-up phase.
He cites the Bitcoin Macro Index, which tracks the historical impact of a range of fundamental and technical metrics to map where BTC is headed next.
According to Woo, this chart is just beginning to break through.
“So you think we’re in a bull market? That's not who we are, that was the warm-up.
A bull market driven entirely by fundamentals is characterized by a break of the upper blue band. If it breaks, TradFi is in for a shock.”
Source: Willy Woo/XDon't miss a thing – Subscribe to receive email alerts straight to your inbox
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