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 Crypto Analyst PlanB: Bitcoin Set for $100,000 Surge, $500,000 Long-Term Target

Published 06/04/2024, 01:02 PM
Updated 06/04/2024, 01:45 PM
© Reuters.  Crypto Analyst PlanB: Bitcoin Set for $100,000 Surge, $500,000 Long-Term Target
BTC/USD
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  • PlanB analyzes the Bitcoin market using multiple indicators.

  • All of PlanB’s indicators suggest BTC is set to pump.

  • The analyst predicts Bitcoin would rally to $500,000 in the coming bull run.

Cryptocurrency analyst, PlanB has identified a developing trend in the Bitcoin cycle following the recent halving event. In a video upload, PlanB used multiple chart indicators, including his proprietary Bitcoin Stock-to-Flow model (S2F), to compare BTC’s trend with past bull cycles.

Using the S2F model, PlanB demonstrated that Bitcoin is primed for the next leg of the bull run, having completed an initial phase shortly after last April’s halving event. Per the analysis, closing last month slightly above $67,000 confirms the start of the new cycle. The analyst predicts Bitcoin will surge similarly to the previous halving cycle, forecasting a $500,000 target for the flagship cryptocurrency in the upcoming bull cycle.

Meanwhile, PlanB shared details of the Bitcoin Market Cycle indicator, confirming the market has entered a bull cycle. However, he advised his followers to remain patient until the price begins to rise rapidly. Similarly, he noted a Relative Strength I…

The post Crypto Analyst PlanB: Bitcoin Set for $100,000 Surge, $500,000 Long-Term Target appeared first on Coin Edition.

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