Analyst Calls Out Bitcoin Bears, Says $126K Isn’t the Top: Here’s His Outlook

TLDR:

• PlanB says Bitcoin’s rally is far from over, arguing that current price action mirrors mid-cycle behavior from previous runs.
• The stock-to-flow model remains intact, projecting continued price growth through 2028.
• Bears calling for a $126K top are “misreading the cycle,” according to PlanB’s latest market update.
• Long-term holders continue accumulating Bitcoin, signaling strong conviction amid short-term consolidation.
  

Top crypto analyst PlanB believes Bitcoin’s biggest rally phase has yet to unfold. 

In a post on X, he said traders calling for a cycle peak at $126,000 are reading the data incorrectly. His remarks come as the market shows mixed sentiment amid tightening liquidity and uncertain macro trends. 

However, PlanB insists that Bitcoin’s four-year cycle still points to much higher prices before 2028.

According to PlanB, Bitcoin’s stock-to-flow (S2F) model remains intact despite fluctuations in spot prices. The model, which links scarcity to valuation, suggests the next upward leg could push Bitcoin beyond current projections. 

He noted that most previous cycles followed similar mid-phase corrections before accelerating to record highs.

Stock-to-Flow Model Still Guides Market Outlook

PlanB, known for introducing the S2F model in 2019, said traders often misjudge where BTC stands in its market cycle. He argued that short-term weakness should not be mistaken for the end of a bull phase. 

Historically, Bitcoin prices have rallied sharply 12 to 18 months after each halving, with the latest one occurring in April 2024.

He also highlighted that investor sentiment remains comparable to 2016 and 2020 periods, both of which preceded parabolic moves. PlanB’s analysis implies that Bitcoin could enter a strong accumulation and breakout phase as supply pressure continues to fall across exchanges.

Bitcoin Bears Could Be Too Early in Calling a Top

PlanB added that current resistance levels, particularly around the $100,000 mark, represent temporary consolidation zones. 

He believes macroeconomic uncertainty and low conviction among short-term holders have led to misinterpretations of Bitcoin’s long-term trajectory. 

“Bears think $126K is the top, but the real rally hasn’t even begun,” he said.

Bitcoin has traded between $94,000 and $98,000 in October, consolidating after strong gains earlier in the year. Market data shows long-term holders are still accumulating, supporting PlanB’s thesis that this phase could precede another expansionary run.

Cycle Data Points to Extended Bitcoin Upside

PlanB expects Bitcoin’s next peak to arrive closer to 2028, consistent with historical four-year cycle timing. 

His projections suggest the coming months may mark a period of renewed volatility and upside momentum rather than exhaustion. 

“If this cycle repeats the previous patterns,” he said, “we are likely halfway through the real move.”

Traders are watching how Bitcoin reacts to upcoming macro data, ETF inflows, and Federal Reserve policy signals. For now, PlanB’s message remains clear: Bitcoin’s real bull market might still be ahead.

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