🚀 Analyst Foresees Explosive Bitcoin (BTC) Bull Market Rally

PlanB, the pseudonymous creator of the Bitcoin (BTC) stock-to-flow model, shared a chart on X, suggesting that the asset’s price could increase fourfold from current levels.

Bitcoin currently trades at $60,676, following a 4% increase in the last 24 hours. But will BTC’s price reach $240,000by the end of the bull market?

🔸 #Bitcoin Eyes a Repeat of 2017 and 2021

PlanB recently posted on X, highlighting how Bitcoin’s price has historically increased fourfold whenever it crossed above the 200-week Moving Average (MA). The 200 MA is a widely-used technical analysis tool that helps identify long-term trends for cryptocurrencies.

This indicator is often used to gauge whether the trend is bullish or bearish. Typically, when #BTC rises above the 200 MA, it signals potential price growth and suggests that the bull market is still intact.

Conversely, a drop below the 200 MA indicates that a long-term bull run may not yet be confirmed. In the chart shared by PlanB, he pointed to the 2017 bull market, where at one stage, BTC dipped below $4,000, illustrating how these movements can impact market sentiment.

Bitcoin 200-Week Moving Average. Source: PlanB on X.

By the top of the cycle, the price increased to $17,760. Fast forward to the 2020-2021 bull run, the coin was trading around $15,560 in November 2020 before skyrocketing to $69,000 a year later.

Interestingly, at every point in each cycle, BTC experienced a boring period that saw the price undergo consolidation and correction. But in the end, a notable price pump appears.

While history rarely repeats itself, patterns often rhyme. If past trends are any indication, BTC’s recent surge to $73,750 may not mark the top of this cycle. The bull market could still have more room to run ahead.