Bitcoin (BTC) Expected to Rebound According to PlanB’s On-Chain Indicators – Insights Revealed
Crypto analyst PlanB suggests that Bitcoin (BTC) is poised for a significant upswing, citing crucial indicators. In a recent analysis session, the analyst, renowned for popularizing the stock-to-flow (S2F) model, shares with his substantial YouTube following that on-chain data signals Bitcoin’s continued bullish trajectory.
PlanB delves into the realized price metric, which calculates the total coin value within a specific timeframe at their last on-chain transaction price, divided by the circulating BTC supply. He anticipates a rebound from the five-month realized price level, currently hovering around $65,000.
The analyst notes, “This light blue line, the five months realized price, has always acted as a support level in bull markets. Bitcoin seldom dips below this line, typically adhering closely to it. In recent months, Bitcoin has slightly dipped below this line, which is intriguing. I foresee a bounce from this five-month realized price level… I expect a bounce from that $65,000, but time will tell.”
PlanB also keeps a close eye on Bitcoin’s Relative Strength Index (RSI), a widely-used momentum gauge that assesses whether an asset is overbought or oversold. He predicts that this cycle will witness RSI values surpassing previous cycle peaks.
“In my view, we won’t see diminishing returns; instead, we’re likely to witness exponential returns, with RSI values exceeding 80 as seen in 2013, 2017, and 2021. Only time will reveal the outcome.”
At the time of reporting, Bitcoin is trading at $61,785, reflecting a slight decline of over 2% in the last 24 hours.
The charts and graphs provided by PlanB illustrate his analysis, indicating potential bullish movements in the near future. As the crypto market continues to evolve, PlanB’s insights offer valuable perspectives for investors and enthusiasts alike.
In conclusion, PlanB’s assessment suggests a positive outlook for Bitcoin, emphasizing potential price rebounds and significant market movements based on robust on-chain data and technical indicators. As the crypto landscape unfolds, investors are advised to stay informed and exercise caution in their investment decisions.
