Renowned Bitcoin analyst Plan B, who boasts 1.87 million Twitter followers, recently made a bold claim about Bitcoin’s current state in the market. According to Plan B, Bitcoin has entered the early days of a bull market, marking the third stage of a four-stage cycle.
On April 5th, Plan B took to Twitter to share a Bitcoin price chart from 2011, explaining that his claim was “a discovery, not a prediction.” He went on to say that Bitcoin is divided into four stages: early bear market, late bear market, early bull market, and late bull market, with Bitcoin currently in the early bull market phase.
This news is significant given that Plan B is a respected Bitcoin analyst who previously predicted that Bitcoin would reach $100,000 in 2021, a prediction that has been criticized after Bitcoin’s bear market entered. Plan B’s analysis is based on one on-chain variable, making it different from traditional technical analysis, which considers multiple factors such as price trends, volume, and market sentiment.
Plan B’s claim is also supported by his previous statement on March 19th, where he stated that the Bitcoin Relative Strength Index (RSI) had exceeded 50, confirming a bull market. The RSI is a leading indicator that measures the strength of a trend in terms of changes in closing prices. According to Plan B, a higher RSI indicates stronger buying force, while a lower RSI indicates stronger selling force.
Overall, Plan B’s claim that Bitcoin has entered the early days of a bull market is noteworthy for Bitcoin investors and enthusiasts. However, it is important to note that the cryptocurrency market is notoriously volatile, and nothing is ever certain. As with any investment, it is always recommended to exercise caution and conduct thorough research before making any decisions.
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This article was republished from azcoinnews.com
