Bitcoin Ready for Bullish Breakout, According to PlanB
According to a quantitative analyst known as PlanB, there are indications suggesting that Bitcoin (BTC) may be entering a bullish phase.
In a recent YouTube strategy session, PlanB stated that Bitcoin‘s realized cost price, which represents the average value of the BTC supply calculated based on the price at which coins were last transacted, is signaling the possibility of a significant bull market.
PlanB mentioned that historically when the price surpasses the two-year realized cost price, it has often resulted in substantial upward movements.
“What we are observing is that the Bitcoin price, represented by the red dots, has exceeded the two-year realized cost price and surpassed the short-term five-month cost price.
This is a new development. It has surpassed the two-year realized price, which is a crucial signal. However, since the month is not yet over, we will have to wait and see how June concludes.”
Furthermore, PlanB pointed out that the readings of the realized cost price have been rising together after a prolonged period of stagnation.
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“In the past, closing above the two-year realized price has indicated the acceleration of a bull market. This pattern occurred in 2016, and although 2019 was a unique year due to the Covid black swan event, a similar trend was observed.
Another intriguing aspect is that both the realized price (represented by the black line) and the two-year realized price (represented by the blue line) have started increasing again after considerable decline. This recent development makes the situation even more interesting, and we will need to monitor Bitcoin’s behavior.”
As of now, Bitcoin is being traded at a price of $30,183.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
