Bitcoin recently experienced a dip below the crucial support level of $40,000, with its price hitting $38,500 before rebounding to its current standing at $39,000.
“BTC is currently consolidating around $40,000, gathering strength for its next significant surge to reach $60,000,” PlanB stated on a social media platform.
In another post, PlanB emphasized that his highly sophisticated prediction system for Bitcoin’s price is often misunderstood by many due to its complexity.
“One of the remarkable aspects of this BTC market cycle model is that only a few individuals will believe it when it identifies a major shift. For example, when I mentioned on January 12 that the bear market was over and the accumulation phase had begun, many were still anticipating a drop to $10,000,” he stated.
PlanB previously made headlines when he suggested that Bitcoin’s price reaching $500,000 was no longer an implausible scenario. At the time, he attributed this prediction to the RSI indicator, rather than his famous Stock-to-Flow model. He now contends that the RSI (relative strength index) is displaying a pattern identical to the one witnessed before Bitcoin’s parabolic rise.
As Bitcoin’s value declined, other tokens such as Solana and Avalanche also witnessed drops. The highly anticipated Bonk meme token on the Solana blockchain experienced a 10% decrease in value in just 24 hours, while Joe, an Avalanche-based token, dropped by 12%. Furthermore, SOL, the native token of Solana, decreased by 7% over the past day, and AVAX, the token associated with Avalanche, dropped by 9%.