Key Takeaways
- Bitcoin reached a new all-time high of $73,760 ahead of the halving.
- PlanB predicts Bitcoin could exceed $200,000, potentially reaching $500,000.
- On-chain indicators and RSI suggest strong support for Bitcoin's bullish momentum.
Bitcoin surged to a new all-time high of $73,760 on March 14, 2024.
This milestone comes as Bitcoin approaches its much-anticipated halving event.
PlanB’s bold Bitcoin predictions
PlanB, a prominent figure in the Bitcoin community and creator of the stock to flow model, predicts that the cryptocurrency could surpass $200,000 after the halving.
He bases this on the Stock-to-Flow (S2F) model, which forecasts significant price movements around halving events.
PlanB suggests that Bitcoin could even reach valuations up to $500,000 in the next halving cycle.
Strong indicators support bullish outlook
PlanB says on-chain indicators and the relative strength indicator (RSI) suggest a robust position for Bitcoin.
The five-month realized price sets a new support level at $60,000, which PlanB believes will be the floor for the Bitcoin price.
PlanB states:
That would be the aggressive floor because if we look at previous bull markets then you see Bitcoin price doesn’t go below the five-month realized price. So that’s my personal aggressive floor that I think we will not go below again.
