Renowned quantitative analyst PlanB has an optimistic outlook for Bitcoin (BTC), suggesting that the cryptocurrency is primed for a significant rebound based on key indicators. In a recent strategy session, PlanB, who gained popularity for introducing the stock-to-flow (S2F) model, informed his 169,000 YouTube followers that on-chain data indicates that BTC is still in a bullish market.

To assess the market conditions, PlanB examines the realized price metric, which calculates the value of all coins within a specific timeframe at the price they were last transacted on-chain, divided by the total number of BTC in circulation. He anticipates a rebound from the five-month realized price level, which currently stands at approximately $65,000.

Historically, the five-month realized price has served as a support line during bull markets, with Bitcoin rarely dropping below this level. PlanB highlights that Bitcoin has adhered to this pattern in recent months, and its current position slightly below the line is intriguing. He expects a bounce from the $65,000 level, but acknowledges that only time will confirm this projection.

Moreover, PlanB is closely monitoring Bitcoin’s Relative Strength Index (RSI), a widely-used momentum indicator that determines whether an asset is overbought or oversold. He predicts that the RSI for this cycle will reach levels similar to previous cycles, including values above 80, as observed in 2013, 2017, and 2021.

As of now, Bitcoin is trading at $61,785, reflecting a decline of over 2% in the past 24 hours.

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