Bitcoin’s Journey Forward: PlanB’s Signals Align for Bullish Phase
Closely monitored quantitative analyst PlanB suggests that Bitcoin (BTC) has surpassed a significant resistance threshold, historically indicating the onset of extended upward trends.
The analyst informs his followers that BTC‘s realized price over the past five months has exceeded the realized price from the previous two years. This trend has previously indicated the commencement of bull markets on three separate occasions in history.
The current situation shows the five-month realized price (also referred to as the Short Term Holder price, depicted in light blue) now positioned above the two-year realized price (displayed in dark blue). Past instances, marked by red circles, highlight the likelihood of this configuration persisting for the next two years or more, adding an element of anticipation to the times ahead.
The realized price metric gauges the aggregate value of all BTC tokens based on their purchase prices divided by the total circulating token count.
In bullish market phases, Bitcoin’s value typically remains higher than all its realized prices, as PlanB points out.
He anticipates that during this potential bull rally, the price of Bitcoin will not dip below the $30,000 mark.
PlanB also closely monitors Bitcoin’s RSI, a widely-used momentum indicator that assesses whether an asset is currently overbought or oversold.
🔵 Like clockwork, exact same spot as Oct 2015 pic.twitter.com/bGBNBKnaIg
— PlanB (@100trillionUSD) August 3, 2023
According to him, the indicator’s current positioning mirrors a pivotal point from October 2015, strongly suggesting the potential for a substantial rally.
Coinciding with this analysis, PlanB had previously forecasted Bitcoin to reach $50,000 prior to the upcoming halving event, anticipated to occur in April 2024.
As of the time of writing, Bitcoin is being traded at $29,620, reflecting a 2.6% increase within the past 24 hours.
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.
