Prominent analyst PlanB, known for his S2F model, stated yesterday that the accumulation phase of Bitcoin has ended and the next phase will be a frenzy-inducing bull market that will make people experience FOMO (fear of missing out).
(Previous Summary:
Bitcoin breaks $64,000, but founder of Matrixport warns of vulnerability in March, predicting a 15% correction after Bitcoin halving.)
(Background Information:
JPMorgan: Bitcoin may fall to $42,000 after halving in April, will there be another mining tsunami?)
Bitcoin has surpassed multiple important price levels this week, reaching a high of $64,000. Faced with this rapid surge, many analysts have expressed concerns about a short-term market pullback.
PlanB: Accumulation phase of Bitcoin has ended
Amidst this, the anonymous analyst PlanB, famous for his S2F model, released a cyclical chart of Bitcoin on X yesterday, stating that the accumulation phase of Bitcoin has ended and will be replaced by a frenzy-inducing bull market lasting for approximately ten months. However, he also mentioned that this period will be accompanied by multiple drops exceeding 30%. If his prediction is correct, investors should be cautious about using excessive leverage in their operations.
Bitcoin futures open interest reaches a record high of $26 billion
Equally noteworthy, Coinglass data shows that the open interest of Bitcoin futures on centralized exchanges (CEX) has reached a record high of $26 billion, surpassing the peak of the bull market in Q4 of 2021, which was $24 billion.
This also indicates that the market may experience greater volatility in the near future, so investors should exercise caution.
Source: Coinglass
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