After several test runs, Bitcoin (BTC) has officially smashed through its all-time high and is now threatening to leave previous prices in the dust.
As a new week begins, the crypto king jumped to as high as $72,211 before dipping to $71,996 at time of publishing.
The move has fundamental and technical analysts gauging what’s next.
Quantitative analyst PlanB, known for adapting the stock to flow scarcity model to Bitcoin, says the real bull run is about to begin.
He’s looking for major fireworks to start once BTC’s halving occurs next month, which will reduce the amount of new BTC entering the market by half.
“A lot of people were hating on the stock to flow model because it was on the downside when prices were low in 2022… but always after the price has been below the model, it has gone above the model, and far below the model.
That’s what I’m hoping for. In fact, it’s what I’m expecting.”
PlanB believes BTC will likely rally to at least $100,000 and as high as $1 million, “if history is any guide.”
On-chain analyst Willy Woo agrees that things are just getting started, and says Bitcoin’s rise from about $16,000 in November of 2022 was just the warm up.
He cites the Bitcoin Macro Index, which tracks the historical impact of a number of fundamental and technical metrics, in order to map where BTC is going next.
According to Woo, that chart is just beginning to break through.
“So you think we’re in a bull market? We’re not, this has been the warm up.
A full fundamentals driven bull market is marked by a break of the upper blue band. When it breaks, TradFi is in for a shock.”
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- Source: https://dailyhodl.com/2024/03/11/bitcoin-price-smashes-through-all-time-high-surpassing-72200-heres-whats-next-according-to-planb-and-willy-woo/
