Renowned analyst PlanB believes that the Bitcoin (BTC) bull run is only on a pause and predicts that the cryptocurrency will rise above $47,000 by the end of August.

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According to PlanB, the creator of the stock flow model, the bull rally is not over yet. The analyst says the asset could rise more than 40% by the end of August.

Things haven’t been so bright for Bitcoin over the past few months. The asset fell by nearly 50% due to Tesla’s suspension of Bitcoin payments and pressure from China.

While most of the community is debating whether the 2018 scenario will be repeated once again, the analyst behind the stock-to-flow model believes Bitcoin is poised for more gains. “My on-chain data tells me this bull is not over and $64,000 is not the top,” PlanB said on Twitter.

PlanB believes current price movements are in line with stock flow movements. PlanB says that the leading cryptocurrency will not be below the $47,000 level by the end of August.