Bitcoin

when

The Bitcoin bull market officially started on March 1, according to pseudonymous quantitative analyst PlanB, who is also the creator of the controversial stock-to-flow (S2F) model for Bitcoin’s price.
The Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;accumulation phase has ended, along with the easy Bitcoin buying opportunities, according to an X post by PlanB, referencing the S2F chart.
<blockquote data-ct-non-breakable="true">
 “Bull market has started. If history is any guide, we will see ~10 months of face-melting [fear of missing out] FOMO: extreme price pumps combined with multiple -30% drops.” 
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/7d804f54-e946-46ed-8d39-9912dd102259.png" alt="" title="">
 <figcaption style="text-align: center;">
 Stock-to-flow Bitcoin model. Source: <a href="https://twitter.com/100trillionUSD/status/1763547197126156519" target="_blank" rel="noopener nofollow">PlanB/X</a>
 </figcaption>
</figure>
The pseudonymous analyst’s prediction came two days after <a href="https://cointelegraph.com/news/bitcoin-breaches-60-000">Bitcoin breached $60,000</a><a href="https://cointelegraph.com/news/bitcoin-breaches-60-000"></a> for the first time in over two years. Bitcoin fell 0.75% in the 24 hours to 3:00 pm Central European Time to change hands at $62,472. 
While the S2F model gained popularity during the 2021 bull run, it’s far from being a perfect Bitcoin price oracle. According to the chart, Bitcoin should have breached the $100,000 mark in early August 2021, when Bitcoin was trading around the $44,000 mark. Ethereum co-founder Vitalik Buterin has also criticized the S2F model for giving investors a “false sense of certainty.”
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/973df1cf-838e-426a-ad22-7496054eb55b.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin S2F Chart. Source: Bitbo
 </figcaption>
</figure>
PlanB’s predictions are in line with other analyst expectations. According to Vetle Lunde, a senior analyst at K33 Research, Bitcoin usually consolidates during the period immediately after the halving but rallies in the following months. Lunde told Cointelegraph:
<blockquote data-ct-non-breakable="true">
 “While the immediate post-halving performance has tended to be sluggish, each halving has proven to be a solid point to enter the market. 150–400 days after the halving tends to be the sweet spot where the compounding effects of subdued miner selling pressure impact BTC positively directionally.”
</blockquote>
Beyond the much anticipated halving, the recently approved spot Bitcoin exchange-traded funds (ETFs) have also contributed to the growing investor interest in Bitcoin and its subsequent price appreciation.
Bitcoin price saw a <a href="https://cointelegraph.com/news/bitcoin-price-correction-grayscale-gbtc-etf-outflows-hit-600m"></a><a href="https://cointelegraph.com/news/bitcoin-price-correction-grayscale-gbtc-etf-outflows-hit-600m">3% correction after Grayscale’s</a> recently converted Grayscale Bitcoin Trust ETF dumped $598.9 million worth of BTC on Feb. 29. Despite the outflows, Bitcoin price is up over 22% during the past week, according to CoinMarketCap data.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/291a5420-ffb6-4c07-83b7-0505a47d3b34.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD 7-day chart. Source: CoinMarketCap
 </figcaption>
</figure>
Excluding Grayscale’s ETF, the nine new spot Bitcoin ETFs <a href="https://cointelegraph.com/news/nine-spot-bitcoin-etfs-see-2b-volume-two-days-straight">recorded over $2 billion</a> in combined daily volume for the second consecutive day on Feb. 28. The new <a href="https://cointelegraph.com/news/bitcoin-etfs-about-75-new-investment">ETFs accounted for 75% of new Bitcoin</a> investments since their launch on Jan. 11, according to a report by on-chain data analytics firm CryptoQuant.
The ETFs have introduced passive, price-agnostic demand for the first time in Bitcoin’s history, which will lead to new all-time highs before the end of 2024, according to a research report by Bitfinex Analysts, shared with Cointelegraph.
<blockquote data-ct-non-breakable="true">
 “Our analysis forecasts a conservative price objective of $100,000-$120,000 to be achieved by Q4 2024, and the cycle peak to be achieved sometime in 2025 in terms of total crypto market capitalization.”
</blockquote>
Related: <a href="https://cointelegraph.com/news/u-s-gov-moves-922-million-seized-bitcoin">US gov’t moved $922 million of seized Bitcoin after BTC price broke $60,000</a>

Bitcoin analyst PlanB predicts 10 months of ‘face melting FOMO’

Cointelegraph

2024년 3월 1일에 게재된 다른 기사

Portal’s gaming token hits $425 million in market cap

Kelexo presale rockets, rides Bitcoin and Ethereum rally

AI in Education: Strengthening Cybersecurity in K–12 Schools and Colleges

AI-Enhanced Hiring Takes the Lead with SEEK, Jobstreet, & Jobsdb Merge

US Government’s Impact on Cryptocurrency Markets with Seized Assets

Chamber of Digital Commerce defends Kraken against SEC

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!