Bitcoin Crosses Key Resistance Level, Indicating Potential Multi-Year Rally
Crypto analyst PlanB reports that Bitcoin has surpassed a crucial resistance level, a trend that has historically led to multi-year bull markets. PlanB notes that BTC’s five-month realized price has crossed its two-year realized price, a pattern that has signaled the start of a bull market three times in the past. During bull markets, Bitcoin’s price tends to remain above its realized prices. PlanB predicts that if the bull rally is underway, Bitcoin will not drop below the $30,000 level. The analyst is also monitoring Bitcoin’s Relative Strength Index (RSI), which suggests a potential rally similar to 2015. PlanB’s previous prediction of Bitcoin hitting $50,000 before the next halving event remains in play.
Main Points:
- Bitcoin’s five-month realized price has exceeded its two-year realized price, indicating the start of a potential bull market.
- During bull markets, Bitcoin’s price tends to remain above its realized prices.
- If the bull rally is underway, Bitcoin is not expected to drop below $30,000.
- The Relative Strength Index (RSI) suggests a potential rally similar to 2015.
- PlanB’s previous prediction of Bitcoin reaching $50,000 before the next halving event still holds.
Hot Take:
The recent crossing of the key resistance level by Bitcoin’s realized prices, along with the potential rally indicated by the RSI, suggests that a multi-year bullish trend may be approaching. PlanB’s analysis aligns with historical patterns and reinforces the notion that Bitcoin’s value has the potential to continue rising. As the cryptocurrency market evolves, it is important for crypto readers to stay informed and consider the opinions of analysts like PlanB when making investment decisions.
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