The pseudonym planb gained worldwide fame in the Bitcoin world with its stock-to-flow model. With that he managed to stick a value on the scarcity of Bitcoin by comparing the scarcity of the digital currency with that of gold, silver and real estate.
Although the model is less popular nowadays, Planb continues to sprinkle with enormous predictions. According to him, the chance is that we will see a Bitcoin course of $ 400,000 during this cycle.
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The Bullmarkt from Bitcoin is not over yet
In a new video on YouTube, the Dutch analyst says that the Bullmarkt of Bitcoin is not over yet.
He bases this on the Relative Strength Index (RSI), an indicator that measures the power or momentum of a price movement. If the rate of an asset rises and the RSI decreases at the same time, then that is usually a signal that the trend weakens slightly.
“In my opinion we are now going to new all-time highs, so that should yield a rate of $ 110,000 or more, followed by monthly closures on price records. Usually those all-time highs also come not only, but in groups.
If we look at the RSI, it is currently at 66 points. That is around the average of 65 points, the black area in the graph.
The RSI has been hanging around that average for more than a year. In my opinion, how to read this graph is that Bitcoin is below that average for a few years, and that it now knows how to stay above a longer period, “says Planb.
Bitcoin on its way to $ 400,000
Planb believes that the RSI will reach this cycle at least 80 for several months, based on historical data, which may increase Bitcoin by 290% of the current value.
“In fact, I think we will see months of an RSI over 80 again, at least four of them, just like in the bull markets of 2021, 2017 and 2013.
And those high RSI figures are of course associated with high monthly returns, monthly returns of more than 40% per month. So if we had four months of 40% from the current level of an average of $ 100,000, that would already bring us to $ 400,000. ”
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Source: https://newsbit.nl/bitcoin-kan-zomaar-naar-400-000-stijgen-aldus-planb/
