$BTC $BNB #Web3 #Web3 #Ethereum #nft $BTC PlanB, a leading crypto analyst and creator of the Bitcoin Stock-to-Flow (S2F) model, suggests that Bitcoin (BTC) price action is gaining momentum and hints at a potential price surge in the near future.

In a recent post on

The graph, which compares Bitcoin's relative strength index (RSI) over the years with the MVRV score, reveals a correlation between higher MVRV scores, market tops, and increased buying pressure.

PlanB analysis shows that, similar to previous bull cycles, Bitcoin's RSI is increasing and the MVRV score is increasing, indicating the possibility of Bitcoin price surging and potentially surpassing the current all-time high of $73,000, recorded in March.

Additionally, MVRV scores tend to be relatively low when RSI levels are falling and the market is bearish. PlanB's chart shows that 2022-2023 is the lowest price period for Bitcoin, indicating that higher prices could follow.

Data from CoinMarketCap shows that BTC is currently trading below $69,000, while the trading volume of the leading cryptocurrency has increased by 22.32%. However, Bitcoin's market capitalization has decreased by 1.05% in the last 24 hours, standing at $1.34 trillion.