PlanB, a renowned Bitcoin analyst, has shared his analysis of the current situation of the crypto market. As per him, Bitcoin ($BTC) is still in the bull market despite the crypto downturn since the last week. After the 4th Bitcoin halving this year, $BTC touched $73,049.34 and then came back to fluctuate between $60k to $70k. But the last couple of days have been very crucial for the crypto market due to the sudden downturn as BTC came down to touch the $50k mark. This caused extreme fear in the market.

In his latest video, PlanB explains, through his Stock-to-Flow model, that there isn’t much fear in the market as Bitcoin is trading on its historical footprints. After every halving, Bitcoin faces a shakeout that is normal based on the previous halvings. Bitcoin’s price drops for a short time after every halving which happens after four years. Because of that shakeout, a large number of retail traders quit the market with fear and disappointment. However, PlanB believes that Bitcoin is still in the bull market and predicts that $BTC is going to hit $4 million in 2032.

Bitcoin Stock-to-Flow Model (S2F)

According to the Stock-to-flow model (S2F), it is easy to understand how Bicton’s price has increased over the past years since 2010.  On the X-axis you shall time span from 2010 and on the Y-axis price of Bitcoin starts from $0.1 reaching up to $10,000,000.

PlanB express the price charts in different colours showing bullish and bearish aspects. You can see a steady upward direction of the graph. As per the S2F model, normally Bitcoin’s price hits the new ATH value after every halving. When blue turns to red, you’ll see a significant jump in the price and then it levels off. After every halving, the supply is reduced and the price goes upward. Keeping this track in mind and the previous price jumps, PlanB predicts that Bitcoin is above the model line most likely to hit $4 million in 2032.

Bitcoin (BTC) Is Still in Bull Run

Bitcoin has maintained the legacy of being the leading crypto asset of the cryptocurrency market. After the recent market downturn, millions of the accounts got liquidated and many of the crypto assets are still struggling to regain their position in the market. But on the other hand, BTC pumped back and started moving in an upward direction and proved itself to be the leading cryptocurrency in the bull market.