Bitcoin’s price appears to have stalled below $ 60,000 after multiple pullbacks that have pushed it even below $ 51,000. In this sense, the crypto market begins to wonder if winter is approaching, but PlanB, a well-known crypto analyst, assures that the bullish race for Bitcoin is just beginning.
Is Bitcoin Entering The Cold Winter?
As institutional demand increases, but the price of the leading crypto remains stagnant, investors fear that Bitcoin is heading into the cold winter.
However, PlanB, a well-known crypto analyst on Twitter, assured yesterday that Bitcoin is barely entering its bull run.
“In my opinion, we have only been in the bull market for 4 months and we are nowhere near the end,” PlanB tweeted on Friday. “Bitcoin is just getting started,” he added as he showed Bitcoin’s current trajectory on one of his Stock-to-Flow charts.
Most likely, you have ever heard of this model given that it is one of those that supports the bullish race that Bitcoin is experiencing at the moment. So, let’s talk a little about it.
Stock to Flow Model
The Stock to Flow model, or S2F, is a way of measuring the abundance of a particular resource, in this case Bitcoin. In this sense, the model treats Bitcoin as a rare commodity, similar to gold or silver.
In this regard, the PlanB model has largely replicated the path of Bitcoin’s price so far. And, as many will know, the model projects a price of $ 100,000 to $ 288,000 before December 2021.
Therefore, considering that Bitcoin has closely followed the pattern, it would be impossible for crypto’s bull run to end now.
And, it is worth mentioning that, PlanB is not the only analyst who believes that Bitcoin’s bullish race to penalty is beginning. In fact, yesterday Mike McGlone, commodities strategist at Bloomberg Intelligence, wrote on Twitter that this year marked a watershed moment for the crypto market. But interestingly, and contrary to popular belief, he believes that Bitcoin is becoming a “risk-free” option for investors.
Therefore, he added that McGlone believes that the price of Bitcoin has the ability to reach $ 400,000. However, what will happen after I reach the top?
In this case, Bobby Lee, co-founder and former CEO of crypto exchange BTCC, told CNBC that the price of Bitcoin could hit $ 300,000, but warned that the bubble will burst at that point.
«Bitcoin bull market cycles happen every four years and this is a big oneLee said. “I think it could really go up to over $ 100,000 this summer.”