Willy Woo, an onchain analyst, recently predicted that bitcoin’s value might consistently stay above the $30K mark. Earlier this week, the statement was complemented by Plan B, the developer of the stock-to-flow (S2F) price model, who presented a realized price chart and urged enthusiasts to “enjoy sub-$40K bitcoin … while it lasts.”
Bitcoin’s Final Days Below $40K? Market Analyst Plan B Urges Enjoyment of Current Prices
Currently, with bitcoin’s valuation lingering just under $38K, there’s a strong sense of bullishness and high optimism about the leading crypto asset’s future pricing. Earlier in the week, Markus Thielen, head of research at Matrixport, opined that BTC’s rise above $40K seems “inevitable,” particularly following Binance’s agreement with the U.S. Department of Justice. Thielen and his team estimate an 80% probability of BTC surpassing the $40K mark by December.
Echoing these sentiments, Plan B, the architect of the S2F model, also foresees a surge to the $40K threshold. On November 24, he remarked, “Enjoy sub-$40K bitcoin … while it lasts.” In response to queries about potential price drops, Plan B stated his aversion to the “Picking Up Pennies In Front Of A Steamroller” game, emphasizing his anticipation of a significant rise in bitcoin’s value:
I expect [a] $100K-$1M bitcoin average in [the] 2024-2028 halving cycle, so at least 3x from here.
Supporting Plan B’s outlook, bitcoin advocate Dan Held concurred that bitcoin below $40K wouldn’t persist for long. Another bitcoin enthusiast expressed that prices under $40K are a “gift.” Furthering his analysis, Plan B also shared a “realized price” chart for bitcoin (BTC). This graph, reflecting historical pricing trends, indicates a recurring pattern of resurgence every time it aligns with the five-month ‘realized price’ threshold.
According to the analyst’s chart, the price line presently skims just above the five-month realized price. Historically, such an alignment has been a precursor to significant price increases. Plan B’s insights follow Willy Woo’s recent projection, where he showcased a cost basis density map for bitcoin, suggesting that if current trends persist, “we’ll probably never see BTC going below $30K again.”
What do you think about Plan B’s statement about enjoying prices while they are below $40K at the moment? Do you agree with his statement? Share your thoughts and opinions about this subject in the comments section below.
