The Beginning of a Bitcoin Bull Run: Analyst PlanB’s Predictions
Popular Dutch analyst PlanB suggests that the price of Bitcoin has surpassed a crucial resistance level, indicating the start of a multi-year bull market. The crypto market has been in a bear market for over 20 months, but various analysts are now theorizing about the next bull run. PlanB’s predictions are based on the intersection of a five-month realized price line and a two-year realized price line, which has historically heralded bull markets. This intersection has triggered three previous bull markets in Bitcoin. Additionally, the Relative Strength Index (RSI) of Bitcoin is showing signs of a bull market, similar to 2015. PlanB advises investors to conduct their own analysis, but suggests that not buying Bitcoin below $30,000 now is akin to missing out on buying it below $10,000 in 2019. However, it’s worth noting that PlanB’s previous prediction of Bitcoin reaching $98,000 by November 2021 did not materialize, with the asset reaching a peak of $69,000 before entering a bearish phase. As of now, Bitcoin is trading at $29,492.
Key Points:
- Bitcoin price surpasses resistance level, indicating the start of a multi-year bull market.
- Intersection of five-month realized price line and two-year realized price line has historically triggered bull markets.
- Relative Strength Index (RSI) of Bitcoin shows signs of a bull market, similar to 2015.
- PlanB suggests not buying Bitcoin below $30,000 now is like not buying it below $10,000 in 2019.
- Investors should conduct their own analysis before making investment decisions.
Hot Take:
Analyst PlanB’s predictions and analysis suggest that the current intersection of price lines and the RSI indicate the beginning of a bull market for Bitcoin. However, it’s important for investors to exercise caution and conduct their own research before making any investment decisions. While PlanB’s previous prediction did not materialize, the cryptocurrency market is highly volatile, and further developments may impact the future price of Bitcoin.
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