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PlanB: “Bitcoin is gaining strength and will soon cost $60,000”

Bitcoin recently fell below the support level of $40,000: the rate of the first cryptocurrency dropped to $38,500, and is now at $39,000.

“BTC is simply consolidating around $40,000, gaining strength for the next 50% jump to $60,000,” PlanB writes on social media X.

The day before, the trader recalled that his system, which predicts the price of Bitcoin, is so ingenious that few can correctly interpret its signals.

“The best thing about this BTC market cycle model is that few will believe it when it detects a phase transition. For example, when I wrote on January 12 that the bear market had ended and the accumulation phase had begun, many continued to expect a drop to $10,000,” he wrote.

Last year, PlanB argued that Bitcoin's rise to $500,000 no longer seemed impossible. However, he pointed to the RSI indicator, and not to his Stock-to-Flow model. PlanB stated that the RSI (relative strength index) is now repeating the pattern that previously signaled the start of BTC's parabolic rise.

Against the background of the fall of Bitcoin, the tokens of the Solana and Avalanche systems also showed a decline. The main breakthrough of the Solana blockchain, the meme token Bonk, fell in price by 10% in 24 hours, and Joe, an Avalanche-based token, fell by 12%. SOL itself has fallen in price by 7% over the past 24 hours, and AVAX by 9%.

Category: Bitcoin
Date: 24.01.2024 10:29

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