Quant Analyst PlanB Says New Bitcoin Bull Market Just Started As Several Indicators Scream Strength – Crypto News – Crypto News
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Quant Analyst PlanB Says New Bitcoin Bull Market Just Started As Several Indicators Scream Strength Quant Analyst PlanB Says New Bitcoin Bull Market Just Started As Several Indicators Scream Strength

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Quant Analyst PlanB Says New Bitcoin Bull Market Just Started As Several Indicators Scream Strength – Crypto News

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2 years ago

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Popular quant analyst PlanB says the recent Bitcoin (BTCrally isn’t the bull trap many investors are weary of.

PlanB tells his 1.8 million Twitter followers that several benchmark indicators are suggesting that what many believe is a bull trap is in fact the start of a new bull cycle.

“To be clear, in my opinion the current Bitcoin pump is not a bull trap but the (early) start of the next bull run.”

Plan B says that an upward move of the Relative Strength Index (RSI) indicates bullishness for Bitcoin, even though the RSI remains at the historic lows seen in both 2015 and 2019.

“Bitcoin is getting stronger (RSI).”

Source: PlanB/Twitter

He says that Bitcoin has already found its bottom for the current bear market cycle, doubling down on its previous position that Bitcoin’s bottom was $15,500 in November 2022. He predicts the next halving event in 2024 will drive Bitcoin’s price to $32,000.

Plan B also says The historical price correlation between the S&P 500 index and Bitcoin shows the king crypto asset has more room to climb.

“BTC playing catch-up with S&P (S&P implied BTC price $54,000).”

Images
Source: PlanB/Twitter

“BTC has been correlated with the S&P (and other assets) since the beginning. The difference is that if the S&P jumps, BTC jumps much harder. In the chart below the S&P jumps from roughly 1,000 to 4,000, while BTC jumps from roughly 1 to 20,000.”

Images
Source: PlanB/Twitter

At the time of writing, Bitcoin is changing hands at $21,115.

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