Crypto analyst Plan B dissected the BTC price charts and market cycles along with technical indicators to predict Bitcoin will surpass $100,000 in 2024 itself. Plan B also leveraged technical analysis tools like the Relative Strength Index (RSI) and moving averages to support his prediction.
The Stock-to-Flow chart, with its color gradient indicating pre-halving months, reveals a consistent pattern of price increases before each halving event. Plan B argues this supports the step function in the S2F model, where Bitcoin’s price jumps sharply after each halving.
Plan B’s Bitcoin Market Cycles chart, created in 2019, complements the S2F model by revealing the current market phase. This chart suggests Bitcoin is in the early stages of a bull market. The S2F model forecasts long-term price trends, while Market Cycles charts reveal the current market phase.
Average bitcoin price 2020-2024 halving cycle was 34k.
A bit below 2019 S2F prediction of 55k, but still in normal range and not bad given BTC<4k when prediction was made.
S2F refit with new data since 2019 shows similar parameters & results: ave 0.5m 2024-2028 and 4m 2028-2032: pic.twitter.com/xdCnhqXnHX— PlanB (@100trillionUSD) August 9, 2024
He also discussed the Relative Strength Index (RSI), noting that values above 50 generally indicate an uptrend. Bitcoin’s RSI typically ranges between 40 and 90; higher than the traditional 30 to 70 range, reflecting its long-term uptrend. Currently around 66, the RSI signals the start of a new bullish phase, potentially rising above 80 or even 90, as seen in previous bull markets.
Plan B also reviewed the 200-week moving average, which smooths out short-term price fluctuations. He noted that this moving average aligns well with Bitcoin’s four-year halving cycles and consistently trends upward, providing a solid foundation for understanding Bitcoin’s long-term price movement.
Despite the current market dynamics, Plan B affirmed his long-term expectations for Bitcoin, anticipating BTC to surpass $100,000 in 2024 and reach over $500,000 in 2025. Per CoinMarketCap data, Bitcoin trades at $60,458 during press time, rallying 5.15% over the past 24 hours.
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