Bitcoin is gaining strength ahead of an anticipated rise to the $60,000 level.
According to cryptocurrency analyst known by the pseudonym PlanB, the recent decline in the price of the leading cryptocurrency, Bitcoin, can be explained by its current build-up of strength ahead of an upcoming surge to the $60,000 level.
The Bitcoin price recently dropped below the support level at $40,000, reaching $38,500, but has currently stabilized around $39,000.
In his commentary on the social network X, PlanB noted that Bitcoin is in the process of consolidating around $40,000, preparing for the next leap of 50%, reaching the $60,000 mark.
The trader also emphasized the uniqueness of his Bitcoin price forecasting system, noting that not many can correctly interpret its signals. He also reminded that his model successfully predicted the end of the bear market and the beginning of the accumulation phase, even though many expected further price decline to $10,000.
PlanB had previously stated that the rise of Bitcoin to $500,000 is becoming increasingly realistic. Last year, he referred not only to his Stock-to-Flow model but also to the RSI indicator, pointing out that the current behavior of RSI replicates the model that foreshadowed the beginning of Bitcoin's parabolic rise.
Against the backdrop of the Bitcoin price decline, a decrease in tokens of the Solana and Avalanche systems is also noted. For example, the meme token Bonk on the Solana blockchain fell by 10%, and the Joe token on the Avalanche platform decreased by 12%. Prices of the underlying systems, SOL and AVAX, also declined by 7% and 9%, respectively, in the last 24 hours.