#Bitcoin at $104K: PlanB Reaffirms $400K Target, Analysts Urge Caution

Bitcoin’s rally to $104,000 has reignited bullish sentiment, and prominent analyst PlanB is doubling down on his bold forecast: $400,000 could be next.

In his latest update, the creator of the Stock-to-Flow (S2F) model argues the recent price movement signals more than just a rebound. He points to a strong V-shaped recovery from $82,000 in March to $94,000 in April, and now $104,000, calling it a clear sign the bull market is gaining momentum.

PlanB remains firm on his long-term outlook, highlighting the S2F average for the 2024–2028 halving cycle sits at $500,000. He acknowledges it sounds aggressive but notes we're only one year into the cycle, with three more to unfold.

Why the Optimism?

Scarcity: Bitcoin is “twice as scarce as gold,” yet gold’s market cap is 10 times higher — indicating to him that BTC is still undervalued.

Market Signals: His cycle model hasn’t shown the typical "distribution" phase that signals a top. Instead, current red signals suggest bullish continuation.

RSI Level: The Relative Strength Index (RSI) is at 66, above average and still climbing — historically a bullish indicator.

The Skeptic’s View

Despite PlanB’s confidence, some analysts remain cautious, warning that such lofty price targets may be more optimistic projection than grounded prediction.

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