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Renowned anonymous cryptocurrency analyst PlanB, who has accurately predicted previous price surges, has suggested that a reliable indicator indicates that the price of Bitcoin (BTC) could surpass six figures within a year, following the recent market downturn.
Anticipated Bull Market May Begin in 2024
Experienced cryptocurrency analyst PlanB stated in a recent strategy session that the Relative Strength Index (RSI) indicator, which tracks Bitcoin’s momentum, appears to be repeating a pattern previously associated with parabolic rallies.
PlanB commented on the RSI, saying, “This implies that the RSI will rise towards the block reward halving. Of course, there will be movements in both directions. As expected, the ascent will not be linear. Then, in 2024, there will be a bull market with an RSI around 90, followed by a bear market in 2025-2026.”
Bitcoin Indicates $300,000 Level
The analyst uses the Stock-to-Flow (S2F) model to predict Bitcoin’s price in accordance with the projected RSI model. The S2F model, commonly used in traditional markets to track the price movements of commodities like precious metals, compares the price of an asset to its current supply.
PlanB stated that the model adapted to the largest cryptocurrency indicates that as the block reward halves in April 2024, Bitcoin could reach $60,000, which in turn suggests a significant move between $300,000 and $500,000. He said:
Regarding the Bitcoin price, we are currently around $30,000 and have been stuck at these levels for months. In the scenario I presented for the RSI, the target price is $60,000. According to the S2F, the price will reach $60,000 before the block reward halving.
If the real bull market continues, the second stage of the bull market will begin with FOMO and greed. In this scenario, there may be a bottoming out just below the S2F price of $500,000 or a mini bull market with milder movements. This equates to an average of around $300,000, which I believe is the best estimate. So there could be an increase of approximately 10 times from current prices.
