- PlanB’s stock-to-flow model predicts the start of a prolonged Bitcoin bull market driven by FOMO, with extreme price volatility over the next 10 months.
- Multiple analysts share a bullish outlook, citing factors like the halving, ETF approval, and growing investor interest. Bitcoin is already up over 20% this past week.
- Analysts forecast new all-time highs by late 2024, with conservative targets around $100k-$120k. The peak is expected sometime in 2025.
Bitcoin analyst PlanB predicts the start of a prolonged bull run driven by FOMO.
PlanB’s Stock-to-Flow Model Flashes Bull Signal
PlanB’s stock-to-flow model for Bitcoin’s price flashed a bull market signal as the price traded above $62,000. According to the widely-followed S2F chart, the Bitcoin accumulation phase has ended, along with the easy buying opportunities.
Expect 10 Months of FOMO and Volatility
According to PlanB, the official start of a Bitcoin bull market means “10 months of face-melting fear of missing out (FOMO), extreme price pumps combined with multiple -30% drops.” While the model gained popularity in 2021, it is far from perfect, with Bitcoin failing to reach the $100k mark predicted for August 2021.
Other Analysts Share Bullish Outlook
PlanB’s bullish view aligns with other analyst expectations. Vetle Lunde, an analyst at K33 Research, notes Bitcoin usually consolidates after the halving but then rallies strongly in the following months. The recent approval of Bitcoin spot ETFs has also fueled growing investor interest.
Bitcoin Price Already Up Over 20% This Week
Bitcoin saw a minor correction after Grayscale’s Bitcoin Trust dumped nearly $600M in BTC. However, Bitcoin price is still up over 22% over the past week, according to CoinMarketCap data. Excluding Grayscale, 9 new spot Bitcoin ETFs saw a combined $2B in daily volume for the second day straight.
New Highs Expected by Late 2024
Analysts at Bitfinex forecast in a new report that the ETF-driven passive demand will lead Bitcoin to new all-time highs by late 2024, with the cycle peak coming sometime in 2025. Their conservative target is $100k-120k by Q4 2024.
