After several test runs, Bitcoin (BTC) has officially broken through its all-time high and now threatens to leave previous prices behind. #PlanB #BTC #index #PIXEL
The crypto king surged as the new week began, to $72,211 before dropping to $71,996 at press time.
The move left fundamental and technical analysts to determine what happens next.
PlanB, a quantitative analyst known for applying the stock-to-flow scarcity model to Bitcoin, said the real bull run is about to begin.
He is seeing that once BTC implements its halving policy next month, the number of new BTC entering the market will be reduced by half.
“A lot of people hate the stock-to-flow model because when prices were low in 2022, the model was on the downside… but always after prices were below the model, prices were above the model and well below the model.
That's exactly what I was hoping for. In fact, that's exactly what I was expecting."
Plan B believes that "if history is a guide", BTC may rise to at least $100,000 and as high as $1 million
On-chain analyst Willy Woo also believes that things are just beginning and says Bitcoin’s rise from around $16,000 in November 2022 is just a warm-up.
He cited the Bitcoin Macro Index, which tracks the historical impact of many fundamental and technical indicators, to paint a picture of where BTC might go next.
According to Woo, that chart is only just beginning to break.
“So you think we’re in a bull market? We’re not, this is just the warm-up.
The hallmark of a completely fundamentals-driven bull market is a breakout of the upper blue band. When it breaks, TradFi will be surprised."