​PlanB analyst says a new bitcoin bull market has begun

The material is not an investment recommendation and is published for information purposes only.

What’s new? PlanB, an anonymous cryptocurrency analyst, noted that bitcoin came out of a deep bear zone and is at the very beginning of a new bull market. According to the expert, the daily relative strength index (RSI) also indicates that BTC has entered growth territory. PlanB found that the momentum indicator has surpassed the 50 mark, noting that this has historically signaled the beginning of a bull cycle.

I guess this color scheme is better because it aligns with green&red candles in #Bitcoin bull&bear markets?🔵 stage 1: early bull <- we are here🟢 stage 2: late bull🟡 stage 3: early bear🔴 stage 4: late bear pic.twitter.com/3F0WZisZY6 — PlanB (@100trillionUSD) April 6, 2023

The relative strength index (RSI) is a metric that reflects the strength of a trend.

Analyst’s prediction. According to PlanB, the Stock to Flow (S2F) model he developed is still relevant. The expert argues that bitcoin’s fundamentals will eventually allow it to rise above its all-time high (ATH) of $69 000, set in November 2021.

The S2F (stock-to-flow) model for the bitcoin rate prediction measures the relationship between the asset’s available stock and its production volume.

According to the trader, critics who call the “S2F model is wrong/invalid/broken,” who “think BTC price pumps after 2012, 2016, 2020 halvings are coincidences, random, unrelated to halvings” may be mistaken. PlanB believes the programmatically limited issuance of 21 million coins and the four-year halving cycle “are fundamental to BTC price.” “2024 will tell,” he concluded.

Equity Management head predicts the death of the dollar and the growth of BTC to $10 million

According to Larry Lepard, cryptocurrency has an advantage over gold due to its limited supply

Read further

PlanB has previously predicted bitcoin to rise from $100 000 to $1 million in 2024, after halving.

Halving is bitcoin’s code embedded cut in half of the reward to miners for a mined block on the blockchain. Initially, miners received 50 BTC, this was reduced to 25 BTC on November 28, 2012, to 12,5 BTC on July 9, 2016, and to 6,25 BTC on May 11, 2020. The next reward reduction to 3,125 BTC is expected ~ in May 2024.

In November 2022, PlanB stated that a loosening of monetary policy could be a catalyst for bitcoin prices to rise. He also noted that the bottom of the bear market is reached about 18 months after setting record highs.

As of April 11, 15:40 UTC, BTC is trading at $30 164, having gained 6,10% in 24 hours, according to Binance.