Bitcoin, the leading cryptocurrency, has experienced a significant surge in recent days, surpassing $87,000 for the first time in almost eight months.
As bullish expectations for BTC continue to rise, analyst PlanB, known for his S2F model, has also provided his latest assessment.
The $53,000 Scenario for Bitcoin is Weakening!
Renowned analyst PlanB believes that BTC is trading around $87,000, making a drop below $53,000 in the current cycle highly unlikely.
The analyst stated that BTC’s current price is above significant realized price levels, arguing that this significantly reduces the likelihood of it falling below $53,000 in the current cycle.
According to PlanB’s assessment from account X, Bitcoin is trading at approximately $87,000, while the total market value is around $53,000, the 155-day moving average is around $72,000, and the two-year moving average is around $86,000.
Accordingly, BTC is trading above all three key indicators. According to the analyst, this presents a noteworthy picture in terms of downside risk.
At this point, the analyst stated that with BTC remaining above all three levels, the possibility of Bitcoin falling below $53,000 in this cycle has almost completely disappeared.
The analyst also added that the scenario of Bitcoin retesting its total realized price, as in past bear markets, has become much less likely.
Attention Drawn to the 2024-2028 Cycle!
The analyst also stated that price movements during 2025 and 2026 point to a bull-bear cycle structure with more limited pullbacks compared to previous Bitcoin cycles.
In this context, the analyst stated that he expects Bitcoin to reach its all-time high again within the current 2024-2028 halving cycle.
*This is not investment advice.
