Cryptocurrency expert PlanB recently highlighted the potential for Bitcoin (BTC) to experience a price increase based on historical data. In a YouTube video, PlanB provided an update on his stock-to-flow (S2F) model.
PlanB’s model has previously signaled the start of strong bull runs after Bitcoin halvings. He stated, “It is the first month after the halving and the beginning of a new cycle. So, in my opinion, Bitcoin will boom after the halving, as it did in the last halving cycle in 2020, and in the previous cycle in 2017, and also after the halving in 2012, in 2013. So, I think we will see a rise again and of course, this is the core of the stock-to-flow model, but time will tell.”
In his technical analysis, PlanB also noted that the five-month realized price level has historically acted as a strong support zone during bull markets. He said, “It’s a support level for bull market dips, like this 2020 bull market dip. It bounced off this support line and the same thing happened in 2017, this bull market dip also bounced off the light blue line here. So I hope this happens again and in fact we saw this in April. April fell, it was in a bull market, and that was fine, the realized price in five months was $60,000, and Bitcoin was a little bit below that, at $59,000 or $58,000, but still, in terms of monthly closes, the five-month realized price was an excellent support level and we broke out of that level this May.”
As of the time of publication, the price of Bitcoin was quoted at US$69,361.21, representing a 1.9% increase in the last 24 hours.
Meanwhile, another trader known as Dave the Wave has made predictions about Bitcoin’s future peak. With a significant following on social media, Dave utilizes an adapted version of the logarithmic growth channel (LGC) curve to project Bitcoin’s movements. According to his analysis, the LGC model suggests that Bitcoin could reach a value up to three times higher than the current price, potentially reaching around US$205,000.
It is important to note that the views and opinions expressed by PlanB and Dave the Wave are for informational purposes only and should not be considered financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
In other news, a recent survey revealed a reaccumulation of long-term Bitcoin holders for the first time in five months.