PlanB Predicts Bitcoin Bull Market Start, Boosted By ETFs and Historical Trends
Summary:
Anonymous quantitative analyst PlanB, announced the Bitcoin bull market's start from March 1, noting that the easy purchasing phase is over. After Bitcoin crossed the $60,000 threshold, other analysts supported his viewpoint, highlighting the post-halving rally effect and increased investor enthusiasm due to new spot Bitcoin ETFs. Despite a slight dip following Grayscale's Bitcoin Trust ETF conversion, data shows a week-on-week rise of 22% in Bitcoin. Analysts from Bitfinex predict that these ETFs will drive a new demand, leading to all-time price highs by the end of 2024.
Quantitative analyst PlanB, known for his anonymity and the contentious Stock-to-Flow (S2F) Bitcoin pricing model, has declared the commencement of the Bitcoin bull market as of March 1. He communicated through an X post (previously Twitter), referring to the S2F chart, that the Bitcoin accumulation phase and simple Bitcoin purchasing opportunities have ended. According to historical precedence, there will be nearly 10 months of extreme Fear of Missing Out (FOMO) with intense price rises and several 30% falls. His forecast followed just a couple of days after Bitcoin surpassed the $60,000 benchmark for the first time in over two years, which was trading at $62,472, a slight 0.75% drop, as of 3:00 p.m. CET. Notwithstanding the applause gained by the S2F model during the 2021 upsurge, it has not been flawless in predicting Bitcoin pricing. The prediction fell short in August 2021 when Bitcoin was supposed to cross the $100,000 threshold while it was hovering around the $44,000 level, which drew criticism from Ethereum co-founder Vitalik Buterin for creating a false certainty for investors. Other analysts' predictions run parallel with those of PlanB. Senior analyst at K33 Research, Vetle Lunde informs Cointelegraph that Bitcoin typically consolidates following halving but rallies in ensuing months. Furthermore, the allowance of spot Bitcoin exchange-traded funds (ETFs) has heightened investor interest and thereby Bitcoin's price appreciation. Despite a correction of 3% after the conversion of Grayscale's Bitcoin Trust (GBTC) ETF which unloaded $598.9 million worth of BTC on Feb. 29, Bitcoin's price has risen more than 22% over the last week based on CoinMarketCap data. When not considering Grayscale's ETF, the 9 recently allowed spot Bitcoin ETFs observed above $2 billion in combined daily volume for the second straight day on Feb. 28, representing 75% of new Bitcoin investments post their Jan. 11 launch as stated by on-chain data analytics firm CryptoQuant. Bitfinex Analysts' research report, passed onto Cointelegraph, predicts that the ETFs will result in passive, price-insensitive demand that is unprecedented in Bitcoin history and will generate new record highs by the close of 2024. They conservatively predict a price goal of $100,000-$120,000 to be hit by Q4 2024 and the peak of the cycle to appear sometime in 2025 concerning the total crypto market capitalization.
Published At
3/1/2024 6:13:11 PM
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