PlanB, a prominent Bitcoin analyst known for developing the Stock-to-Flow (S2F) model, recently suggested that Bitcoin’s current price doesn't reflect a true bull market. According to PlanB, the anticipated major Bitcoin bull run has not yet arrived, despite optimism in the market. For miners to see substantial profitability, PlanB believes that Bitcoin's price will need to double from its current levels.

This view is rooted in the idea that while Bitcoin has seen some upward momentum, the price needs to reach a point where it becomes more lucrative for miners, who play a critical role in maintaining the network. If prices remain stagnant or don’t significantly rise, some miners may struggle due to rising operational costs and the competition for block rewards, which halves approximately every four years (the "halving" events).

PlanB's analysis suggests that broader macroeconomic factors, like inflation, monetary policy, and institutional adoption, will likely drive the next major Bitcoin price surge. Until then, the market could remain in a holding pattern or see gradual upward movements but not the exponential growth typical of Bitcoin's historical bull markets.$BTC