PlanB: Bitcoin’s Bull Market Still Has Room to Run

Expert suggests continued growth for the leading cryptocurrency.

The recent correction of the leading cryptocurrency below $108,000 does not signify the end of the bull market. Fundamental indicators suggest continued growth, according to the creator of the S2F model and analyst PlanB.

Bears think $126k was the top, and btc will fall below $100k, and 2026 will be a bear market mainly because … the 4 year cycle!?

IMO that is a BIG misunderstanding. Yes, there is a 4y halving cycle that doubles S2F-ratio, and 6 months before until 18 months after a halving was… pic.twitter.com/tehnZ4rRab

— PlanB (@100trillionUSD) October 20, 2025

“Bears believe the peak at $126,000 has passed, bitcoin will fall below $100,000, and 2026 will be a bear market. […] In my opinion, this is a serious misunderstanding,” he wrote.

The Four-Year Cycles Are No Longer Reliable

According to the expert, the three previous cycles are an insufficient sample to establish a reliable pattern. The traditional model suggests the peak of the leading cryptocurrency should occur in October — 18 months after the last halving.

However, PlanB allowed for the possibility that bitcoin might form a peak later. The analyst noted the absence of key signals typical of the final phase of a bull market: RSI has not exceeded 80, and the realised price has not deviated from the 200-week moving average.

“This means one of two things: either a significant surge is still ahead, or we have already transitioned into a price stability mode defined by institutional investors, funds, and rebalancing mechanisms,” he explained.

The expert described both scenarios as bullish for bitcoin.

In September 2024, PlanB forecasted the leading cryptocurrency would rise to $1 million in 2025.

Analyst Willy Woo also highlighted structural differences between cycles. In the previous bull phase, liquidity came from “paper” derivative markets, whereas now it is declining.

“Paper assets are a short-term tool: investors enter but do not stay long. In the current cycle, a different picture is emerging. The paper segment is already beginning to contract, while long-term spot liquidity remains stable,” the expert noted.

He also warned that the situation could change.

Notably, in January, PlanB shifted capital from bitcoin savings to spot ETFs based on digital gold.

Earlier, BitMEX founder Arthur Hayes stated that the four-year cycle of the crypto market is no longer relevant.

Analysts at K33 and several other experts, including CryptoQuant CEO Ki Young Ju and Bitwise’s Chief Investment Officer Matt Hougan, share this view.