- Bitcoin is trading sideways and is barely able to hold the $29,000 mark.
- Regardless, PlanB believes that BTC is now at the early stage of an impending bull market.
- Whales continue to accumulate bitcoins and are taking off their BTC from exchanges.
Despite Bitcoin (BTC) continuing to trade sideways at barely $29,000 in the last couple of days, the highly-contested stock-to-flow (S2F) model of PlanB is showing that the crypto market may now be in the early stage of a bull run.
According to PlanB, the reason that Bitcoin is experiencing heavy volatility is that institutional players like BlackRock are intentionally dragging the price down to accumulate BTC at cheaper levels.
Once BlackRock has accumulated enough BTC, then the “full-blown” bull market will begin, PlanB assured.
Interestingly, PlanB’s sentiments are echoed by other crypto analysts and platforms. According to a separate post by crypto analytics firm CryptoRank, whales are withdrawing bitcoins from centralized exchanges (CEX) in droves. In fact, BTC held on exchanges is now down by 4.3% in the last 365 days.
PlanB also alleged that BlackRock referencing the market movement from his S2F model — that some other analysts contest — is not absurd. He then proceeded to cite a couple of investment giants that acknowledge his model. Some of these include Grayscale, VanEck, and Fidelity Investments.
Bitcoin’s movement has been very volatile in the last 7 days. Currently, BTC is barely able to keep its footing at $29,100 but last Sunday, it was able to regain the $30,000 mark briefly before falling again into the clutches of the bears at the $29,500 mark.
