A widely followed analyst, known as the first to apply the stock flow model (S2F) to Bitcoin cryptocurrency, says BTC has created the perfect setup for an increase of up to $ 100,000.
Bitcoin Will Be Even Higher
Traditionally used in commodity markets such as precious metals, the S2F model compares the price of an asset to the amount of new supply.
Plan B has garnered a huge following with the stunning accuracy of S2F and S2FX, a variation of S2F that also takes into account the performance of gold and silver to arrive at a price prediction for Bitcoin.
In a recent tweet, PlanB notes that a new colored dot in the S2FX model representing the closing of another month is slightly lower than last month and appears to be a potential deviation towards the six-digit figure. PlanB’s highlights are as follows:
New point. It seems to have slipped down a bit after 6 months. This makes a perfect setup for a jump to $ 100,000.
- April closing 57.200 $.
- March closing at $ 58.782.
- February closing 45.240 $.
- Jan closing 33. $ 141.
- Closing December 28,992 $.
- November closing 19. $ 700.
- October closing 13. $ 816
- September near 10.778 $.
The famous trader also says that the relative strength index (RSI) of Bitcoin, which is the indicator of momentum, has risen above 90.
Bitcoin monthly RSI is 90. So what do you think, 95 is soon?
According to PlanB, when the RSI rose above 95, the bull markets for 2011, 2013 and 2017 were in full swing.
PlanB adds that the current bull run looks much more like the 2013 parabolic rally than the 2017 cycle.
Despite Bitcoin’s impressive performance in 2021, Plan B claims that the cycle of bucks by market cap of the world’s largest crypto asset is probably not about to end.
Signals from both the S2FX model and blockchain data show that we are only halfway through this bull market and not close to the top.