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Tuesday, May 21, 2024

Bitcoin Set for 10 Months Of Face Melting FOMO, Says PlanB

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Bitcoin (BTC) is beginning a parabolic bull run of epic proportions that will last throughout the rest of the year, according to popular price analyst PlanB.

In a post to X on Friday, the pseudonymous Bitcoin bull published a graph plotting Bitcoin’s “market cycle,” noting that the price has now emerged from this cycle’s “accumulation phase.”

Bitcoin Bull Market Has Begun

“No more easy buying opportunities in orderly and slowly increasing markets,” wrote PlanB.

“If history is any guide, we will see ~10 months of face-melting fomo: extreme price pumps combined with multiple -30% drops,” he added.

PlanB grew into one of the most popular online analysts during the 2021 Bitcoin bull market, after predicting several of Bitcoin’s monthly closes with remarkable accuracy.

He also popularized the Bitcoin “stock to flow model”, which models the asset’s future price based on its increasing scarcity, projecting an approximate Bitcoin price of $532,000 as early as 2026.

When Bitcoin’s price receded below $20,000 in 2022, PlanB’s model received major scrutiny for being too optimistic. However, now that BTC has returned to over $60,000 per coin, PlanB is insisting that his model is still intact.

“Bitcoin Feb closing price: $61,181 … back to S2F model value,” wrote PlanB to X on Thursday.

Bitcoin’s Massive February Rally

Bitcoin’s price is up 39% year to date, with major gains driven by the popularity of the newly launched Bitcoin spot ETFs in the United States. The rally culminated in Bitcoin’s largest monthly green candle in history on Thursday.

Funds run by BlackRock, Fidelity, Bitwise, and others have already collectively absorbed over $7 billion of net inflows since their launch on January 11. This even factors in a tsunami of outflows from the Grayscale Bitcoin Trust (GBTC), which is much more expensive to own than the newer alternatives.

Several analysts believe that ETFs will be a primary catalyst for far greater upside going forward. Fundstrat’s Tom Lee, for example, believes BTC could hit $150,000 by the end of the year thanks to the ETFs and other factors.

Another newly popularized model, the Bitcoin “Power Law,” also shows a bright future for BTC.

Though its creator, Giovanni Santostasi, has some gripes with the stock-to-flow model, the physicist’s model predicts Bitcoin’s price will hit $200,000 within two years.

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