PlanB: Bitcoin In Early Stages Of Bull Market
PlanB says Bitcoin has exited deep bear territiory and is in the early days of a fresh bull market.
Looking at Bitcoin’s technicals, PlanB highlights that the relative strength indicator (RSI) also suggests that BTC is in a bull market. In a new strategy session, the quant analyst tells his 46,500 YouTube subscribers that the momentum indicator is hovering above the 50 level, which he notes has historically marked the start of a new bull cycle.
“What you see historically if Bitcoin enters the 50 plus RSI area… it goes on, the trend goes on and a next bull market starts.”
PlanB is also responding to the critics of his stock-to-flow (S2F) trading model, which attempts to predict the performance of an asset based on the idea that the price increases as the asset becomes more scarce.
During the last bull cycle, PlanB used the S2F model to forecast that BTC will top out at around $288,000.
According to the quant analyst, he believes the S2F still remains valid even though BTC topped out at around $69,000 in 2021. PlanB says that Bitcoin’s fundamentals will eventually push the price of BTC to greater heights.
