A crypto analyst and creator of the Stock-2-Flow (S2F) model has a bullish forecast for the world’s largest digital currency.
According to PlanB, it became glaring in the first quarter of this year that the Bitcoin bull run was over and we have now entered a full-blown bear market.
PlanB’s words come on the heels of the premier coin trading at 16 month low of $26,350.49 this past week as the broader digital currency ecosystem crumbled with the collapse of the Terra protocol. While selloffs have been consistent in the crypto market lately, PlanB is of the opinion that the price trend has bottomed out, and a stage has been set for the next bull run in the market.
“December 2021 I was still hoping for a 2nd leg of the bull market. But in Q1 2022 it became clear that this bitcoin bull market was over. We entered a bear market since Apr 2021 peak (yes ATH was Nov 2021). Now we are creating a bottom. Then a new bull market will start,” he tweeted, noting that this is a typical BTC cycle.
PlanB has made a name for himself in the financial world as his S2F model can be applied to a variety of assets. However, his predictions about BTC have not always been right given the highly volatile nature of the digital asset in the past year.
One of the top projections that PlanB has given with respect to the price of Bitcoin is that it is bound to hit the $100,000 mark by 2023. While we are just in the second quarter of 2022, conservative analysts believe that projection is a very ambitious one. Considering the fact that BTC once printed an ATH above $68,000, PlanB knows better than anyone not to discount the potential upshot of the digital asset.
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Source: https://blockchain.news/news/planb-believes-bitcoin-has-bottomed-out-for-a-new-bull-run