According to PlanB, the creator of the well-known Bitcoin Stock-to-Flow (S2F) model, we could be on the verge of a big pump. PlanB shared a graph on X, highlighting Bitcoin’s Relative Strength Index (RSI). If historical data holds true, we might be in for some exciting price movement.
The graph which you can see in the below post shows the dotted line shifting from blue to reddish, which in the past has signaled the beginning of upward price action. But before we jump ahead, let’s break down what RSI actually is.
Like clockwork pic.twitter.com/dCnUPb0FH6
— PlanB (@100trillionUSD) September 26, 2024
What is RSI?
RSI, or Relative Strength Index, is a tool traders use to measure whether an asset like Bitcoin is overbought or oversold. The scale runs from 0 to 100. A reading over 70 usually means the asset is overbought (possibly due for a correction), while a reading below 30 suggests it’s oversold (potentially ready for a bounce). PlanB hints that we might be moving into that overbought zone, which could indicate a strong price push ahead.
Right now, Bitcoin is sitting at $65,493, which is a 2.55% increase over the past 24 hours. With this kind of upward momentum, the market seems to be responding positively, and PlanB’s analysis could be adding to the optimism.
PlanB’s Bitcoin Price Predictions
PlanB has been consistent with his bullish outlook. He has predicted an average Bitcoin price of around $500,000 during the 2024-2028 halving period. More short-term, he believes the bull market is far from over yet and is still expecting Bitcoin to hit as high as $140,000 before the year ends.
As you know my bitcoin prediction is ~500k average for 2024-2028 halving period, with 250k-1m stdev band.
2020-2024 prediction (made in 2019 when btc<4k) was ~50k average, with 25k-100k band. 2020-2024 average was 34k. I know some keep crying "but 100k" … IMO 34k was spot on. pic.twitter.com/4edrv8a3x5
— PlanB (@100trillionUSD) September 26, 2024
As always, it’s important to remember that while these predictions are based on data, the market can be unpredictable. But for now, many traders are watching closely to see if PlanB’s forecast plays out, ‘like clockwork’.
What do you think? Will Bitcoin keep climbing? Keep following us at HowToBuyBitcoin.org for the latest news and insights.