PlanB, the anonymous creator of the widely followed Bitcoin stock-to-flow model, announced on Sunday, November 1, 2026, that a new bull market for Bitcoin is emerging. Posting on X under the handle, he noted Bitcoin's October performance and a key technical signal. "Bitcoin closed October at $77,430 No Uptober unfortunately, But RSI is above 50 for the 3rd month in a row, Signaling the birth of a new bull market," he stated.
Bitcoin's recent performance has been under scrutiny following various market events. The digital asset is currently trading at $78,041, reflecting a 0.9% increase over the past 24 hours. Recent Gokhshtein Media coverage has highlighted institutional activity, including a report on Bitcoin ETFs shedding $643 million as a result of a Binance breach triggering institutional exits. Additionally, 2,000 Bitcoin, valued at approximately $155 million, recently exited a Binance hot wallet for an unknown address, as reported previously.
PlanB's analysis suggests that despite Bitcoin's October close not yielding a significant 'Uptober' surge, the sustained Relative Strength Index (RSI) above 50 for three consecutive months indicates a fundamental shift in market momentum. This perspective implies that underlying technical strength could potentially outweigh recent bearish sentiment stemming from exchange security incidents and institutional ETF outflows. According to PlanB's framework, market participants might look for further confirmation of this bullish trend in subsequent price action and broader on-chain metrics.
