Quantitative analyst PlanB, closely monitored by many, projects a significant surge in Bitcoin (BTC) based on critical indicators.
During a recent strategic briefing, the analyst, renowned for popularizing the stock-to-flow (S2F) model, shared with his 169,000 followers on YouTube that on-chain data suggests BTC is still in a bullish phase.
PlanB examines the realized price metric, which tallies the total coin value within a specific time period at the last on-chain transaction rate, divided by the BTC circulation volume. He anticipates an upswing from the five-month realized price position, currently hovering around $65,000.
“This faint blue line, representing the five-month realized price, consistently acts as a foundational support mark during bullish trends. Historically, Bitcoin seldom dips below this line; it essentially clings to it. This has been the recurring pattern for the past few months. Thus, the current scenario of Bitcoin slightly below this line holds significant intrigue. I foresee a rebound from this five-month realized price level… I anticipate a recovery from the $65,000 threshold, though only time will reveal the extent of this movement.”
PlanB also keeps a close eye on Bitcoin’s Relative Strength Index (RSI), a widely-applied momentum gauge aimed at assessing whether an asset is overbought or oversold. He envisions the RSI levels in this cycle will surpass those of preceding cycles.
“In my assessment, we will not witness diminishing returns; instead, exponential gains are likely, and we can anticipate RSI figures exceeding 80 once again, akin to the readings seen in 2013, 2017, and 2021. The unfolding days will provide insight into this projection.”
Bitcoin is presently valued at $61,785, reflecting a decline of over 2% in the past 24 hours.
Stay informed by subscribing to receive email notifications directly to your inbox.
Take a glance at Price Action or connect with us on X, Facebook, and Telegram.
Explore The Daily Hodl Mix for more crypto news and insights.
Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Prior to engaging in high-risk investments involving Bitcoin, cryptocurrency, or digital assets, investors should conduct thorough research. It is important to acknowledge that all transfers and trades are conducted at one’s own risk, and any potential losses incurred are the individual’s responsibility. The Daily Hodl does not endorse the purchase or sale of any cryptocurrencies or digital assets, nor does it function as an investment advisor. Please be aware that The Daily Hodl engages in affiliate marketing.
[Generated Image: Midjourney]