Bitcoin analyst Planby predicts ‘face-melting FOMO’ for 10 months ahead.
Bitcoin's bull market officially began on March 1, according to anonymous quantitative analyst Planby, who is also the creator of the controversial stock-to-flow (S2F) model of Bitcoin's price.
Bitcoin (BTC) rally phase has ended, with easy Bitcoin buying opportunities, according to an X-Post by Planby with reference to the S2F chart.
“A bull market has begun. If history is a guide, we will see a meltdown ~10 months ahead [fear of missing out] FOMO: High-priced pumps mixed with multiple -30% drops.
The mock analyst's prediction comes two days after bitcoin breached $60,000 for the first time in more than two years. Bitcoin is down 0.75% in the 24 hours to change hands at $62,472 at 3:00 CET.
While the S2F model gained popularity during the 2021 bull run, it is far from a perfect Bitcoin price prediction. According to the chart, Bitcoin should breach the $100,000 mark in early August 2021 when Bitcoin is trading around the $44,000 mark. Ethereum founder Vitalik Buterin criticized the S2F model for giving investors a “false sense of certainty.”
PlanB's forecasts are in line with other analysts' expectations. According to Vettel Lunde, senior analyst at K33 Research, Bitcoin usually strengthens immediately after a halving but rallies in the following months. Lunde told Cointelegraph:
“While the immediate performance after completion was slow, each halving proved to be a strong point of entry into the market. 150-400 days after the halving will be the sweet spot where BTC will be affected directionally by the impact of lower mine selling pressure.
Aside from the much-anticipated halving, the recently approved placement of Bitcoin exchange-traded funds (ETFs) also contributed to the growing number of investors in Bitcoin and the subsequent price increase.
Grayscale's recently converted Grayscale Bitcoin Trust ETF Bitcoin price saw a 3% correction after dropping $598.9 million BTC on February 29th. Despite the flows, Bitcoin's price rose more than 22% last week, according to CoinMarketCap data.
Excluding grayscale ETFs, the nine new position Bitcoin ETFs registered above $2 billion per day for the second consecutive day on February 28. The new ETFs have accounted for 75% of new Bitcoin investments since their January 11 launch. Report by CryptoQuant, an on-chain data analytics firm.
According to a research report by Bitfinex Analysts shared with Cointelegraph, ETFs have introduced passive, price-agnostic demand for the first time in Bitcoin history, leading to a new all-time high before the end of 2024.
“Our analysis predicts a conservative price objective of $100,000-$120,000 in Q4 2024, and a cyclical peak in 2025 relative to total crypto market capitalization.”
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