PlanB states that Bitcoin bull market is still in play, rebound coming soon

IconCryptoNewsTerminal Staff02 Jul, 2024

cryptonews.jpg

PlanB states that Bitcoin bull market is still in play, rebound coming soon

PlanB, the creator of the Stock-to-Flow (S2F) Bitcoin price prediction model, recently stated in a video posted to his YouTube channel that the "Bitcoin bull market is still in play and a rebound should start soon." He went on to say that "In previous bull markets, the 5-month realized price (average on-chain acquisition price) has always acted as support and it is rare for the BTC price to trade below it, so it is interesting that BTC is below it now. The current 5-month realized price is around $65k, and I expect BTC to bounce from here." PlanB's comments come at a time when the Bitcoin price has been struggling, falling below $60,000 for the first time in months. However, PlanB remains bullish on Bitcoin's long-term prospects, and his comments will likely be welcomed by investors who are looking for a reason to be optimistic about the future of the cryptocurrency.

Related News