Renowned quantitative analyst PlanB remains bullish on Bitcoin (BTC), anticipating a significant upward move supported by crucial metrics.
In a recent strategy session broadcasted to his 169,000 YouTube followers, PlanB, recognized for popularizing the stock-to-flow (S2F) model, highlighted on-chain data affirming BTC’s ongoing bull market status.
PlanB emphasized the significance of the realized price metric, calculated by aggregating the transaction values of all coins over a specific period divided by the circulating BTC supply. He anticipates a rebound from the current $65,000 level, historically a robust support line during bullish phases.
“The five-month realized price, depicted by this light blue line, consistently acts as a pivotal support in bull markets. Bitcoin tends to adhere closely to this line, as seen over the past few months. Its current position slightly below this threshold is particularly intriguing. I foresee a bounce from this $65,000 mark,” PlanB remarked.
PlanB also scrutinizes Bitcoin’s Relative Strength Index (RSI), a key momentum indicator used to gauge market conditions of overbought or oversold assets. He predicts that this cycle will witness RSI levels surpassing 80, akin to previous peak cycles observed in 2013, 2017, and 2021.
“I anticipate exponential rather than diminishing returns. We are likely to witness RSI values climbing above 80 again, reminiscent of previous peak cycles,” PlanB commented.
As of the latest update, Bitcoin is priced at $61,785, marking a slight decline of over 2% in the past 24 hours.
Source: PlanB/YouTube
Source: PlanB/YouTube
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