PlanB S2F Model: Bitcoin to Hit $100k at Current Bull Cycle Peak

The creator of the popular Bitcoin (BTC) stock-to-flow model, PlanB, has revealed that the benchmark cryptocurrency is gearing up for a bounce to the $100k mark. According to his analysis using the S2F crypto-asset model, a new bullish indicator has just emerged for Bitcoin, suggesting that this bull-market cycle will peak at $100k or higher.

PlanB expressed his views via Twitter yesterday along with an accompanying chart. The renowned analyst tweeted that:

“New dot .. slightly down after 6 months up .. looks like the perfect setup for [a] jump towards $100K.

April close $57,200, March close $58,782, Feb close $45,240, Jan close $33,141, Dec close $28,992, Nov close $19,700, Oct close $13,816, Sep close $10,778.”

In a previous analysis, PlanB (@100trillionUSD) shared a Bitcoin monthly chart highlighting the RSI indicator, in which he noted that it was hovering around 90. Based on his analysis, Bitcoin’s weekly RSI peaked at 95 or above in past bull cycles, like the ones seen in 2014 and 2017. That said, with the RSI currently around 90, it suggests that the top of the cycle for BTC is yet to be reached.

Key BTC Levels to Watch — May 2
Following a goodish rebound from the $52,500 support on April 30, Bitcoin appears to have fallen into consolidation below the $57k area. The primary cryptocurrency got met with heavy bear activity at the $58k pivot level, which effectively terminated its bullish ascent.

Nonetheless, we expect a bullish resumption over the coming hours, as traders keep their eyes trained on the $60k area. However, a break below the $56k support could frustrate bull efforts and send the price lower.

Meanwhile, our resistance levels are at $57,000, $58,000, and $59,000, and our key support levels are at $56,000, $55,000, and $54,000.

Total Market Capitalization: $2.23 trillion

Bitcoin Market Capitalization: $1.06 trillion

Bitcoin Dominance: 47.8%

Market Rank: #1

 

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