Another optimistic prediction for Bitcoin from crypto expert PlanB

Bitcoin (BTC) recently breached the critical $71,000 mark, setting the stage for a potential jump to a highly bullish price target.

Well-known crypto analyst PlanB speculated that Bitcoin may soon reach the $100,000 level.

In a video shared on his YouTube channel on June 1, PlanB discussed his prediction that Bitcoin is on track to reach at least $100,000 in the near future. He based this prediction on his analysis of Bitcoin's 200-week moving average (MA) chart, which is consistent with his previously shared stock-to-flow (S2F) model. Both patterns indicate a strong upward trajectory for the leading cryptocurrency.

Back in mid-May, PlanB noted that earnings from Bitcoin miners are typically recovered within two to five months after a halving event. He pointed out that after this period of recovery, the price of Bitcoin often shows rapid growth.

Given that Bitcoin's last halving was on April 19, the two-month mark is approaching on June 19, suggesting that there could be significant price moves.

As of June 8, BTC was trading at around $71,500, reflecting a slight increase of 1% over the past 24 hours. Over the past week, Bitcoin has risen 4.6%.

With these developments in mind, Bitcoin is likely to hit a new all-time high of $100,000 in the coming weeks, as PlanB predicts.

However, it is important to remember that the cryptocurrency market is highly volatile and conditions can change quickly. Investors should conduct thorough research before making any investment decisions.