Analyst PlanB Says One Signal Suggests ‘Accelerated’ Bull Market Ahead for Bitcoin (BTC)
Quant analyst PlanB says there’s an indicator suggesting that Bitcoin (BTC) is ready for an accelerated bull market.
In a new strategy session on YouTube, PlanB tells his 51,600 subscribers that Bitcoin’s realized cost price, which is the average value of BTC supply calculated at the price at which coins were last moved, is signaling that a more pronounced bull market is likely underway.
PlanB says price moving above the two-year realized cost price has historically suggested big moves to the upside.
“The important thing that we see is that the Bitcoin price, the red dots, crossed over the two-year realized cost price, and it already crossed the realized cost price, and it already crossed the five-month, short-term cost price. So now, it’s a new thing… It crossed the two-year realized price, and that’s an important signal. Of course, the month is not over, so we’ll wait and see how [June] closes.”
PlanB also notes that the realized cost price readings are all moving up together after years of remaining stagnant.
“In history, closing above the two-year realized price was a signal that the bull market [was about to] accelerate. Same here in 2016 and 2019 was a bit of a weird year with the Covid black swan…
So it’s very interesting and one more thing that is also very interesting, the realized price, the black line, and the two-year realized price, the blue line, started to increase again since a long time. I think it declined for about a year, and now for the first month, it’s increasing again, and that’s when things become really interesting, so we’ll have to see what Bitcoin will do.”
At time of writing, Bitcoin is trading for $30,183.
I
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DreamStudio
Credit: Source link
Comments are closed.