Bitcoin Perfectly Set Up for Leap Towards $100,000, Says Crypto Analyst PlanB
A widely-followed analyst known for being the first to apply the stock-to-flow model (S2F) to Bitcoin says that BTC has just created a perfect setup for a spike up to $100,000.
The S2F, traditionally used in commodities markets like precious metals, compares the price of an asset versus the amount of new supply. Plan B has amassed a massive following with the stunning accuracy of the S2F and the S2FX, a variation of the S2F, which also takes into account gold and silver’s performance to reach a price estimation for Bitcoin.
In a new tweet, Plan B notes that a new colored dot, representing the close of another month on the S2FX model, is slightly down from last month, looking like a potential slingshot upward into the six figures.
“New dot… slightly down after 6 months up… looks like the perfect setup for jump towards $100,000.
April close $57,200
March close $58,782
Feb close $45,240
Jan close $33,141
Dec close $28,992
Nov close $19,700
Oct close $13,816
Sep close $10,778.”
The pseudonymous trader also says that Bitcoin’s momentum indicator, the relative strength index (RSI), just broke its way above 90.
“Bitcoin monthly RSI 90… so what do you think, 95 soon?”
According to PlanB, the 2011, 2013, and 2017 bull markets were in full swing when the RSI hit above 95.
PlanB adds the current bull run looks less like the 2017 cycle, and more like the 2013 one which had a considerably more parabolic rally.
Despite Bitcoin’s already impressive performance in 2021, Plan B asserts that the boom cycle of the world’s largest crypto asset by market cap is likely far from over.
“Just to confirm that both S2FX model and on-chain signals indicate we are only halfway into this bull market and nowhere near the top.”
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Author: Daily Hodl Staff