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 Index (RSI) increase that resembles the indicator’s performance ahead of the 2012 bull run. PlanB highlighted that the RSI signal is in an early stage and provides valuable information to traders.
Continuing his analysis, PlanB posted the Bitcoin 200 Week Moving Average (WMA), showing it is in a rising trend that he expects to continue. The analyst showed how the 200 WMA trend coincides with a bull market signal to confirm the potential Bitcoin surge. He believes that the signal is enough to push Bitcoin to $100,000 soon.
Using the Bitcoin Realized Price indicator, PlanB further supported his bullish prediction for Bitcoin. He compared the indicator’s trend with historical data, showing that its current level suggests the imminent start of a Bitcoin rally. He used the indicator’s behavior to predict Bitcoin would not drop below $64,000 before embarking on the expected price increase.
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