IMPORTANT POINTS:
- PlanB, an experienced cryptocurrency trader, performed a technical analysis where he determined how far Bitcoin could rise.
- The analyst used the Stock-to-Flow model as BTC fluctuates very close to $70,000 in recent days.
- Although the expert stated that you have to be patient, he placed the price of BTC at around $500,000 for the next cycle.
Bitcoin It once again surpassed $70,000 this Tuesday after oscillating below that key level in recent weeks.
In this context, crypto analyst PlanB performed a technical analysis based on the Stock-to-Flow model and determined that BTC could skyrocket to $500,000.
Bitcoin and the S2F model
This metric measures the current stock of a commodity against its production flow and, according to PlanB, its analysis suggests that Bitcoin is preparing for an exponential rise.
The expert’s prediction would take BTC to $500,000 in the next cycle, although he asked for patience as There is no exact date for it.
On the other hand, PlanB mentioned that the leading cryptocurrency very soon it could surpass the 100,000 USD mark. For this to happen, it will be important for BTC not to lose the key support of $64,000.
Bitcoin accumulates a weekly gain of 3.3% and 1.5% in the last 24 hours, currently ranking in the 70,600 USD.
