The latest statement of popular cryptocurrency analyst known for forecasting Bitcoin price with stock-to-flow Model, Plan B, confirms that Bitcoin price could surge to $100,000 even before the fold of the year 2020.
After forecasting that BTC has the potential of reaching $1 million per unit price in the future, the pseudonymous analyst said to Peter McCormack in a podcast that Bitcoin may not be an asset anymore but turn into something greater than expected. Now, Plan B is saying he believes that a crucial signal that would make Bitcoin price spike massively has been triggered.
Illustrating with his usual Bitcoin Stock-to-flow Model (S2F) chart, Plan, one of the most-watched after crypto analysts in the cryptocurrency industry, said the red dot had been released.
This, he said, is a bullish signal for Bitcoin. Plan B sees the red spot as a terminal point where Bitcoin would break away from the $10,000 barrier.
He had been expecting the emergence of the red dot for some while now. In a previous statement, Plan B said, “T-4 until red dot release,” with expectation that signal would soon surface.
However, in a fresh statement, the analyst said the red dot has been released.
According to the chart attached to the statement of the analyst, Bitcoin is set for another massive rally that would put its price around $100,000 before the end of the year.
According to the S2F multiple chart, Bitcoin has been in its stagnation stage for some while now, but a breakout should be expected anytime from now.
Since the completion of the third Bitcoin Halving, analysts have been waiting for the red dot signal. It is believed that it would ignite the next bull run.
Plan B uses a stock-to-flow model to forecast Bitcoin price by relating the fixed supply of the asset with the circulating supply.
While comparing Bitcoin supply to its growth in a previous statement, Plan B included gold and silver in his analysis, predicting the potential of Bitcoin reaching $1 million.
Despite the ongoing pandemic around the world, which has affected the world’s economy, Bitcoin continues to maintain steady growth in the market with a fairly good performance even though some said it is below expectations considering the hope around halving.
At press time, a unit of Bitcoin is priced around $9,500, with about -0.4% value loss in the last 24 hours.
Although Bitcoin had earlier hit $9,600 around the European trading session yesterday, May 31, 2020, a slight pullback was witnessed, bringing the cryptocurrency back to $9,500 before the day ended yesterday.