Breaking the key barriers, Bitcoin (BTC) has surged past a critical resistance level, setting the stage for what could be a multi-year bull market rally.
In a bold and eye-opening prediction, PlanB in his X post has pointed out that Bitcoin’s five-month realized price has exceeded its two-year realized price. Interestingly, this intriguing pattern has historically foreshadowed the beginning of bullish trends, as observed in the past three instances. Here’s what you need to know about it!
PlanB’s Revelation: What Will Happen to BTC Price?
To back his forecast, he weighs in the realized price metric and evaluates the total value of Bitcoin tokens based on their purchase prices, divided by the current circulating supply. During previous bullish phases, Bitcoin’s price consistently remained higher than its realized prices, lending weight to his analysis.
PlanB’s forecast has significance on BTC price. His analysis says, if the current bull rally maintains its momentum, Bitcoin is unlikely to dip below the $30,000 threshold. Drawing parallels from Bitcoin’s history, PlanB compares this situation to missed opportunities to invest at crucial points, emphasizing the matter of choice.
However as the prices are still fluctuating, Bitcoin’s Relative Strength Index (RSI), a widely used momentum indicator identifies a striking similarity between the current RSI configuration and a period in 2015 that preceded a significant rally. After all, in the past, the RSI model has come close to accurately predicting Bitcoin’s price, earning its supporters’ trust.
Expect Market Correction Soon
Going by PlanB’s previous assertion that Bitcoin would reach $50,000 before the upcoming halving event in April 2024 gains renewed credibility in light of these developments. With Bitcoin currently trading at $29,620, representing a 2.6% increase over the past 24 hours, market participants are watching closely for the unfolding of this predicted bull market.
Well, the news came at a time when Bitcoin is forming Golden Cross and the predictions seems positive. Only twice has BTC’s 50-200-day moving average crossed golden! The crypto’s third golden cross since trading began.
Source: https://coinpedia.org/bitcoin/quant-analyst-planb-predicts-extended-2-year-bitcoin-rally-following-bullish-indicator/