Popular quantitative analyst PlanB, known for its Bitcoin (BTC) stock-to-flow model, expresses bullish sentiment for the flagship crypto asset.
In a new interview with crypto trader Benjamin Cowen, PlanB says that while current sentiment toward crypto is bearish due to the disintegration of digital asset exchange FTX, it wouldn’t shock him if the king of crypto reached $100,000 after the next halving.
According to PlanB, some of the catalysts that could trigger a massive rally for Bitcoin include the end of the Russian-Ukrainian war or the easing of monetary policies.
“I know it’s not going very well right now with the [collapse of] FTX and all customer and investor fallout [of] FTX, but we have a year and a half left [before the next halving].
So once quantitative easing starts, or the war between Russia and Ukraine is over, or whatever triggers it, we could easily reach [$100,000]. Let’s say 2024, where the log regression and the stock-flow model are cross-linked, which is in the $100,000 area. Yeah, I wouldn’t be surprised.”
The stock-flow model predicts changes in the value of an asset by comparing its current price to the rate at which its supply is generated.
As to whether the crypto market has bottomed out, PlanB reports that Bitcoin typically bottoms out in the bear market about 18 months after hitting an all-time high. He notes that the bottom could form within the next three months.
“The bottom of the bear market is also about a year, a year and a half, after the historical highs. And that’s also true today. It was true in 2019, in 2015, it’s also true today. today in 2022. But from the bottom of the bear market, once we hit the bottom, it will come back up.
So the climb, if you will, doesn’t start at the halving or after the halving. This will begin when the bottom of the bear market is reached. And it could be today. Or next month. Or maybe in three months. But it will come. »
Bitcoin is changing hands for $16,551 at the time of writing, a gain of 2.2% on the day.
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