Benzinga - by Benzinga Neuro, Benzinga Staff Writer.
The cryptocurrency market is currently experiencing a phase of “face-melting FOMO” (fear of missing out) for Bitcoin (CRYPTO: BTC), as per a renowned quant analyst, PlanB. Extreme price pumps and volatility mark this phase.
What Happened: PlanB, the creator of the controversial stock-to-flow (S2F) model, recently revealed that Bitcoin has entered the bull market phase, as reported by Daily Hodl on Monday. He shared his analysis in a strategy session with his YouTube followers.
PlanB’s chart illustrates the four phases of Bitcoin’s market cycles: accumulation, bull market, distribution, and bear market. According to him, Bitcoin has transitioned into the bull market phase, which will witness intense FOMO, significant rallies, and occasional 30% dips.
“So we see a phase switch change right now. We go from the accumulation phase – which is over right now, there's no more steady growth, easy buying, etc. No, we go to the bull market so there will be face-melting FOMO, extreme price pumps,” PlanB explained.
The ETF narrative is currently driving the market, with significant inflows leading to price surges.
Why It Matters: The timing of Bitcoin’s entry into the bull market phase is significant, given the recent developments in the cryptocurrency space.
On Monday, Bitcoin surged to $65,000, inching closer to its all-time high of $69,000. This rise was attributed to strong institutional demand, a positive market sentiment, and the halving event.
Renowned investor Bill Miller IV has also predicted a massive capital repricing event for Bitcoin, indicating that the cryptocurrency is still in the early stages of a major price shift.
However, amid the bullish run, some analysts have warned of potential risks for latecomers, highlighting the significant increase in Bitcoin’s value in the past month and the potential risks of joining the rally at this stage.
Read Next: Bitcoin Shines, Dogecoin Sparkles, Dogwifhat Skyrockets: The Week In Retrospect
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