Bitcoin’s Next Move: Price Analysis and Market Outlook for March 5th
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- PlanB has predicted that Bitcoin could touch an average price of $500,000 in 2024-28 cycle.
- PlanB said that the current market crash was a result of the Bybit hack.
- Bitcoin needs to break above $93,000 and reclaim $100K to confirm new all-time highs.
Bitcoin (BTC) is currently in an uncertain phase. Recent price action has sparked debates on whether the market will continue its bullish trajectory or enter a distribution phase leading to a bearish cycle.
In the past 24 hours, the altcoin has dropped 9.94% and trades at $83,137.49 at the time of writing, CoinMarketCap data shows.
Bitcoin Price Drop Sparks Market Uncertainty
With BTC dropping to $83,000 from its January peak of $102,000, many traders and analysts are closely monitoring key technical indicators along with support and resistance levels.
Interestingly, analyst PlanB, the creator of the Stock-to-Flow (S2F) model, predicts BTC will hit an average price of $500,000 during the 2024-2028 halving cycle. He also suggests a possible range of $250,000 to $1 million.
Related: Trump’s Crypto Reserve vs. US Data: Will This Week’s News Drive Bitcoin?
PlanB Cites Bybit Hack as Market Spook
…The post Bitcoin’s Next Move: Price Analysis and Market Outlook for March 5th appeared first on Coin Edition.
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