by Gunay Caymaz
Investing.com – The world-famous analyst known as PlanB, who is a big advocate of Bitcoin, shared his predictions on how Bitcoin will move over the next two years.
Uploading his views to YouTube, PlanB said he believes Bitcoin’s current position is bullish compared to past price movements, commenting on the months remaining until the halving.
In this context, PlanB, which deals with the pre-halving periods, drew attention to the tenfold increases in the pre-halving periods. In addition to this table, the analyst, who also evaluated the long-term RSI value of the bitcoin price, explained that bitcoin can reach higher values than the asset which usually fluctuates between 30-70 values due to its volatile moves.
Thus, it has shown that the Bitcoin RSI range is between 40 and 100 values. In the current situation, the RSI value, according to the price action of bitcoin, is currently in the lower region. As seen on the chart, the RSI value of Bitcoin has jumped 4 times since the current lows since 2011. However, it has seen a bottom as low as the 40 level for the first time.
Predicting that BTC is currently in a phase of fear, PlanB seems optimistic about a new bull market.
PlanB previously estimated $100,000 for bitcoin.
Meanwhile, PlanB predicted that after the bitcoin halving, the cryptocurrency would rise to a price of $100,000, but bitcoin entered a downtrend after reaching a peak of $69,000 in November 2021. The analyst noted that many unexpected events occurred in that Time, such as the Chinese ban and the collapse and bankruptcy of FTX.
PlanB is known as the developer of the popular Stock-To-Flow model.
Latest status in bitcoin price
Bitcoin, along with the rest of the cryptocurrency markets, is off to a good start in 2023. Bitcoin, which is up nearly 40% since the new year, is nearing $23,000 with a half-point increase today.