July 24, 2024

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People are “getting impatient” in the boring cryptocurrency market

People are “getting impatient” in the boring cryptocurrency market

Popular Dutch Bitcoin analyst PlanB “likes this phase of the bull market.” The Dutchman wrote this in a post on the social media platform X. According to the analyst, a clear division has emerged between traders and investors. Therefore, his message sparked many reactions and discussions among his nearly two million followers.

Bitcoin miners are investing in artificial intelligence, hoping to generate billions in sales

Bitcoin miners are investing in artificial intelligence, hoping to generate billions in sales

Bitcoiner PlanB on Market Sentiment: “2020 Sentiments”

In his last post, PlanB mentioned that he likes the current phase of the bull market. According to him, some people have run out of patience and others believe that the bull market is over. This feeling is compared to 2020, when a similar situation occurred. PlanB stresses the importance of patience when it comes to investing in Bitcoin:

“I love this part of the bull market, where some people are running out of patience, others think the bull market is over, 2020 vibes #Patience.”

The price of Bitcoin has been moving around the $60,000 to $70,000 range for several months, with occasional big swings but little movement overall. This has led to mixed feelings among investors. Some fear the end of a bull market, while others see opportunities to get in before the next rally.

Bitcoin price forecast and S2F model

PlanB is often featured in Bitcoin news and is known for its bold price predictions, based on the stock-to-flow (S2F) model. He has previously indicated that he expects Bitcoin to reach the magic $100,000 threshold this year. Next year he expects an even more dramatic increase: “Face melting FOMO top“At least $300,000 by 2025. PlanB is a controversial figure within the cryptocurrency sector, partly due to its runaway price predictions.

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While these forecasts do indeed sound ambitious, PlanB explains that they are conservative compared to what its S2F model indicates. This model, which analyzes Bitcoin’s scarcity relative to the price, predicts an average price of at least $500,000 for the next cycle. PlanB explains that this forecast is an average price point, meaning that there will be peaks and valleys around this average.

Ultimately, of course, no one knows what the price of Bitcoin will do in the future. So it is always advisable to do your own research and not rely on one person’s predictions.

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