The first analyst to apply the stock-to-flow model to Bitcoin predicts that the leading crypto asset could see a meteoric surge in the months to come as BTC continues to hold its ground amid bearish news.
In a new tweet, PlanB urges its 457,000 followers not to rule out a massive Bitcoin rally in the coming months as the flagship cryptocurrency remains strong amid the influx of bearish catalysts.
“The net result (after the Turkey ban, the US tax FUD, Faketoshi lawsuits, the Elon / Tesla Energy FUD) is that Bitcoin is 5x higher than it was ~ 6 months ago. And both the stock-to-flow model and the on-chain data show that we are only in the middle of this bull market. I wouldn’t be surprised if I saw another 5x in the next 6 months. “
Source: PlanB / Twitter
The crypto analyst adds that the current bitcoin bull market seems to be following the trail of the 2013 boom cycle, in which BTC rose 10x in just a few months.
“Yes, the markets (as always) are likely overreacting to Elon’s betrayal. So make sure you don’t miss out on the potentially gigantic spike (like the bull market of the second half of 2013: if you sold below $ 100 on the news that the U.S. government seized MtGox accounts, then you have the spike missed to US $ 1,000. In today’s world that would be a jump from US $ 50,000 to US $ 500,000. “
As for why PlanB believes Bitcoin will continue to consolidate, the analyst believes that investors who bought at lower prices are currently taking profits.
“We want ‘all models to break’ and now $ 100,000 BTC.” The truth is it takes time. Some investors with 5x profit in recent months are not interested in the Byzantine general problem or ECDSA (Elliptic Curve Digital Signature Algorithm, SHA256 (Secure Hash Algorithm) or P2P (Peer-to-Peer), they trade numbers on the screen and take a profit. Patience is a virtue. “
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Selected image: Shutterstock / pzAxe
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