Bitcoin, the world’s most popular cryptocurrency, has been on a rollercoaster ride in recent months. After reaching an all-time high of nearly $65,000 in April, the digital currency saw a sharp decline, dropping to around $30,000 in June. However, one analyst believes that Bitcoin is poised for a parabolic rally in the near future.
According to the analyst, who goes by the pseudonym PlanB, Bitcoin is currently in the “last two phases” of its market cycle. These phases, known as the “accumulation” and “markup” phases, typically precede a period of rapid price appreciation. PlanB predicts that Bitcoin will soon enter the “markup” phase, which could see the digital currency reach new all-time highs.
In a recent tweet, PlanB revealed his price targets for Bitcoin in the coming months. He believes that the cryptocurrency could reach $100,000 by September and $135,000 by the end of the year. These targets are based on PlanB’s stock-to-flow model, which uses Bitcoin’s scarcity to predict its future price movements.
While some analysts remain skeptical of PlanB’s predictions, others believe that Bitcoin is indeed primed for a major rally. The recent uptick in institutional interest, as well as growing adoption among retail investors, could fuel further price appreciation for the digital currency.
Investors who are bullish on Bitcoin may want to consider increasing their exposure to the cryptocurrency in anticipation of a potential rally. However, it’s important to remember that Bitcoin is a highly volatile asset, and prices can fluctuate dramatically in a short period of time. As always, it’s crucial to do your own research and consult with a financial advisor before making any investment decisions.
In conclusion, Bitcoin could be on the verge of a parabolic rally in the coming months. Analysts predict that the digital currency will enter a period of rapid price appreciation after completing the “last two phases” of its market cycle. With price targets of $100,000 by September and $135,000 by the end of the year, Bitcoin investors may have reason to be optimistic about the future.
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- Source: Plato Data Intelligence.
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