Bitcoin cryptocurrency is predicted to grow up to $ 500,000

A popular cryptocurrency analyst known as PlanB said that bitcoin’s rise to $ 500,000 no longer seems «something incredible.» The expert relied on the RSI (Relative Strength Index) indicator rather than his own Stock-to-Flow model.

PlanB emphasized that the RSI indicator is now repeating the pattern that previously signaled the beginning of BTC’s parabolic growth. «It looks like the RSI will continue to rise in the near future and show rapid dynamics until bitcoin halves. Of course, there will be volatility, and the chart will not be a straight line. But in 2024, we expect a bullish trend, when the RSI will be around 90. And then, bitcoin will fall in 2025−2026,» the analyst assured.

The crypto expert also touched upon his Stock-to-Flow model, which tracks the price of assets and compares it to the available volume of cryptocurrencies on the market. According to the schedule, by April 2024, the BTC rate will reach $ 60,000, and then there will be a rapid increase to $ 300,000 and even $ 500,000.

«Now we are stuck at around $ 30,000 per month. And, according to Stock-to-Flow, we are expecting volatility that will allow us to reach $ 60,000 before halving. That’s when the real bullish trend, the greed in the market, will begin. In general, we will reach $ 500,000, although in a conservative case, $ 300,000 will do. Tenfold growth!» — planB predicts.

It should be noted that in April, the analyst predicted that the bitcoin rate could reach $ 534,000 after the next reduction in the reward for miners.

As a reminder, the flagship cryptocurrency has been losing value sharply since yesterday. on August 17, bitcoin fell below the support level of $ 28,400. The digital asset has tested the $ 24,800 mark and is currently trying to recover to $ 27,000.