The creator of the Bitcoin stock-to-flow model, PlanB , has forecasted that BTC is set for a jump towards $100k.
In an earlier analysis as seen through the tweet below, @100trillionUSD shared a chart of Bitcoin’s monthly RSI in which he pointed out that it was hovering around 90.
At the time of writing, Bitcoin is trading at $56,700 after an impressive monthly close of $57,600 on Friday, April 30th.
However, Bitcoin is once again facing a new challenge in the form of the weekly close that is only a few hours away.
A failure of this support could lead to a retest of lower macro support zones including $52k and even $50k with the new week.