PlanB Sees Bitcoin Valuation at $1M Range Despite Potential Price Drop

Crypto analyst PlanB still believes Bitcoin's value can reach up to $1 million, but he acknowledges that the price might go lower first. According to his Stock-to-Flow model, at the end of June, Bitcoin's price reached around $58,526, which is below its 200-week moving average of roughly $62,000 and above its realized price of $52,000.

PlanB emphasized that all previous bear market bottoms were below the realized price. He also clarified that his valuation view and price should be treated separately, stating 'You are mixing up valuation and price... My view is that both are true, valuation (based on fundamentals like scarcity, S2F) is 250k-1m range, but price can differ.'

PlanB agreed with another user's comment about the potential for a deeper capitulation phase. He also shared his warning signs started last December with 'mixed signals' and were confirmed in February when Bitcoin's RSI fell below the key 50 level.