The analyst who applied the stock-to-flow model to Bitcoin believes that the bull market of the leading cryptocurrency is just beginning, even with the current pullback.
In the new tweet PlanB confidently told its 347,400 subscribers that the current BTC growth cycle is ongoing and far from over.
IMO we are only ~4 months into the bull market and nowhere near the end of it .. #bitcoin is just getting started pic.twitter.com/6n0B15rqyB
— PlanB (@100trillionUSD) March 26, 2021
In my opinion, we have only been in a bull market for about 4 months and are not yet close to its end. Bitcoin is just gaining momentum.
In support of his words, the analyst drew attention to the historical indicators of bitcoin. According to PlanB, the BTC Relative Strength Index, which measures the rate at which the price of an asset moves, has not yet reached its peak.
Bitcoin’s monthly RSI is not even 95. In 2011, 2013 and 2017 we had at least 3 months above 95 in bull markets. It’s too early.
Despite being optimistic about the leading cryptocurrency in the long term, PlanB noted that BTC still faces significant obstacles:
There are still some real risks (government ban, quantum computing) that need to be dealt with.
In addition, the crypto trader added that the Bitcoin supercycle, within which the largest cryptocurrency will rise to $ 1 million, is currently out of the question, since most market participants behave irrationally.
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