Bitcoin has remained well above the $9,000 support level against the USD for some days now, and the cryptocurrency, at press time, is above the 100 hourly simple moving average with a market price of $9150.
While $9,200, and $9,300 remain the major hurdle for Bitcoin to show signs of full return on the upside trend, popular analyst PlanB has explained that leading digital asset BTC has just displayed a second red dot, which he regards as being bullish as the cryptocurrency path towards its new all-time high.
Illustrating the latest update on Bitcoin price using the BTC S2F cross-asset model, Plan B confirmed that a second red dot, before Bitcoin rallies past $100,000, has been released.
PlanB who has been very bullish on Bitcoin price earlier forecasted that a unit of BTC against the US Dollar will be priced around $288,000 by 2024, before the next halving event.
Reiterating his prediction for Bitcoin, the creator of the Bitcoin S2F price model, hinted on the possible effect on Bitcoin price during the bullish scenario, saying that he will “go dark” if Bitcoin hits 6-digit value.
Earlier on March 31, PlanB announced the emergence of the first bullish red dot that will possibly ignite the next bullish cycle. The popular pseudonymous analyst believes the red dot is a bullish signal for Bitcoin and a signal indicating the closeness of a terminal point where Bitcoin will rise above $10,000 level.
With the second red dot release, PlanB believes that if Bitcoin trends on the upside as revealed by the pattern illustrated on the S2F model chart, a unit of Bitcoin will be priced above $100,000 before the end of the year.
Bitcoin: It Will Be Nasty, It Will Be (Maybe) War – PlanB
In a previous statement during an edition of Stephan Livera podcast on May 5, the popular analyst expressed that Bitcoin price may cause war in the future.
After forecasting that Bitcoin will hit $288,000 price latest by 2024, analyst PlanB expressed the desire for the realization of his forecast in the future.
PlanB explained that if in the future, Bitcoin spikes reaching 6-digit value as suggested by his S2F forecast mode, he’ll “go dark.” He said the model, “if the model is successful,” will be valued than being a mere picture.
The creator of the S2F model added that if Bitcoin surges far above it existing all-time high, it will be nasty and it may cause war as some will benefit from the privilege while other will only not benefit, but will stand at the losing end especially if the US Dollar loses its reserve status.