Renowned quant analyst PlanB is optimistic about a potential rebound for Bitcoin (BTC) based on key indicators. In a recent strategy session, PlanB, known for popularizing the stock-to-flow (S2F) model, shared with his 169,000 YouTube subscribers that on-chain data suggests BTC is still in a bull market.
One metric PlanB is closely monitoring is the realized price, which calculates the value of all coins in a specific timeframe at the price they were last transacted on-chain, divided by the number of BTC in circulation. He anticipates a bounce from the current five-month realized price level of approximately $65,000, citing historical trends where Bitcoin tends to stay above this support line during bull markets.
Additionally, PlanB is keeping a close eye on Bitcoin’s Relative Strength Index (RSI), a popular momentum indicator used to determine if an asset is overbought or oversold. He predicts that this cycle will see RSI values surpass previous peak levels, expecting exponential returns without diminishing returns.
At the time of writing, Bitcoin is trading at $61,785, reflecting a slight decrease of over 2% in the last 24 hours. As investors navigate the volatile market, PlanB’s insights offer valuable perspectives on potential market movements.