Analyst Plan B says that Bitcoin (BTC) has hit the bottom and now signals the start of a new cycle. Here are the latest BTC comments of the analyst, who stands out with his stock-to-flow prediction…
PlanB definitely pointed to metrics for Bitcoin
PlanB talked about on-chain data to his 1.8 million Twitter followers. He says the information shows that more than half of circulating BTC is currently in profit. PlanB’s chart points to the majority in profit, indicated by the red dots. Dark blue dots highlight a cycle showing roughly half of the profit. According to the analyst, it is a strong base signal when coins in profit rise from 50 percent to over 60 percent. PlanB explains this issue as follows:
More base signals: > 60 percent of all Bitcoin in profit
Plan B also looks at BTC’s long-term relative strength index. This metric aims to determine whether an asset is oversold or overbought. It is one of the most widely used momentum indicators. Using the indicator on a 14-month scale, Plan B points out that BTC’s RSI is at historic lows. It also shows that Bitcoin is deeply undervalued. The analyst points out that the RSI will not stay low forever.
Glassnode insights also highlight space formation in bearish market
Crypto analytics firm Glassnode said on-chain metrics have created a bear market floor in Bitcoin. In a recent report, the firm noted that active investors showed the intensity of the overall change over the past month. Pointing to this, he said that BTC’s accumulation trend score reflects the 2018/2019 base period. The firm uses the following words:
During the capitulation in early 2022, the accumulation trend score shows that valuable accumulation was made by major investors, with $24,500 confiscated for exit liquidity from the last bear market rally. Currently, this metric shows that there is a stability (neutral) structure in the market that remains precedent for early 2019.
What is the latest situation in BTC price?
Meanwhile, Koindeks.com As we have also reported, Bitcoin (BTC) continues to change hands above $ 20,000. BTC, the largest crypto by market capitalization, has dropped 0.4% in the last 24 hours. It changes hands at $20,647. Although he tried to exceed $21,000 over the past day, he failed to do so. The coin’s seven-day rise is 7.5%. Currently, its market cap has dropped below the $400 billion mark it briefly exited. It currently has a market cap of $396 billion. The overall cryptocurrency market is worth $1.06 trillion.