- PlanB is confident that the 200-Moving average trend is bullish
- He advises market players to prioritize it over the increasing price volatility.
- Bitcoin remains in a critical position at this time as daily loses crosses 6%.
Market Volatility is not enough to drown the new bullish metrics for Bitcoin (BTC). This is according to PlanB – Founder of the Bitcoin Stock-to-Flow-model. In a recent tweet, PlanB notes that Bitcoin’s 200-week moving average is still increasing.
Bitcoin might just be on its way out of a repetitive bear cycle
He advises that the market ignores the rising volatility that both Bitcoin and other altcoins are experiencing at this time.
Track live crypto price of 10000+ coins!
— PlanB (@100trillionUSD) February 21, 2022
Per the above tweet, the 200-week moving average is surging, implying that buying exceeds trading at this time. Although the responses to the tweet suggest that many market players, do not consider the moving average a fitting metric that accurately indicates bullishness for the leading cryptocurrency.
This is the second metric the Bitcoiner is pointing to, as a potential catalyst for a Bitcoin bull run. Earlier this week, PlanB asserted that the Bitcoin Relative Strength Index (RSI) is also a sign that the market is positioned for a greener market. At the time, the RSI index was around 55, indicating that it was at a neutral state, and attempting an upward retest.
— PlanB (@100trillionUSD) February 15, 2022
PlanB is not the only Bitcoin proponent with high hopes for the benchmark cryptocurrency. The strategists at Bloomberg have also been bullish, with the $100,000 price point still being targeted this year. In contrast, Du Jun – co-founder of Huobi exchange – is quite bearish on the asset. He recently disclosed that he sees Bitcoin attempting a bull run between late 2024, but not anytime soon.
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