$500K Bitcoin forecast: Analyst maps out BTC’s bull run timeline

Recent Bitcoin consolidation near $70,000 sets the stage for a bullish trend, according to PlanB’s analysis.continues to hold the spotlight, especially following the recent market consolidations.

The analyst’s projections put Bitcoin at a staggering $500,000 in the upcoming cycle, emphasizing the pattern followed in past bull runs. This was further affirmed by the Relative Strength Index readings, which currently resemble those seen before the 2012 bull run, indicating early stages of a bullish trend.

Moreover, the Bitcoin Realized Price indicator, which assesses the profit ratio of coins moved on-chain, aligns with historical data to further support the bullish scenario. Although he forecasted this achievement for 2021, Bitcoin fell short of this target. Despite not reaching the anticipated $100k, Bitcoin still achieved a significant milestone by surpassing $69,000 for the first time that year.

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