Crypto analyst Plan B has doubled his bullish outlook for Bitcoin, suggesting that the top cryptocurrency is still undervalued as it consolidates near its all-time high from last month.

Renowned for his bold predictions and unwavering optimism towards Bitcoin, analyst Plan B recently shifted his focus to highlight a more bullish stance. Earlier this year, Plan B noted concerns about Bitcoin's valuation, indicating it was "overvalued" in March when it hovered around the price bands of his stock-to-flow (S2F) model.

However, recent comments from the analyst suggest his bullish sentiment has strengthened, indicating that the leading cryptocurrency remains undervalued due to the consolidation seen at the previous all-time high.

Bitcoin Still "Undervalued"

Plan B emphasized that Bitcoin is still in the early stages of its four-year market cycle and, based on his widely followed S2F model, it is far from reaching its expected peak.

"Bitcoin at $104,000 is still far from its fundamental value," said Plan B. "This is what I expect the average price of this four-year cycle to be... We have three years left."

Indicating a Bitcoin price of $104,000 but with a fundamental value of $500,000 still "distant."

"This is what I expect the average price of this four-year cycle to be, where we could see $500,000, and we have three years left."

The stock-to-flow model, which measures Bitcoin's scarcity relative to its issuance rate, remains central to Plan B's analysis. He estimates that the average price during this cycle could range between $250,000 and $1 million, representing an 860% potential upside from current levels.