Bitcoin

Bitcoin Analyst Plan B Says $69,000 Is Not the Top for This Cycle – Here’s His Latest Outlook

Quantitative crypto analyst Plan B says that Bitcoin (BTC) has but to peak this cycle based mostly on the crypto asset’s present worth and historic information.

Plan B tells his 1.6 million Twitter followers that he doesn’t assume Bitcoin’s all-time excessive (ATH) round $69,000, reached one month in the past, is the prime of this cycle.

“I don’t think $69K was the top for this halving cycle.”

The well-liked analyst then says {that a} bear market would sometimes put the price of BTC a lot decrease.

“If $69K were the top, then a typical bear market -80% drawdown would bring the bottom to $14K… below 2017 ATH ($20K) and below 200 weekly moving average ($18K).”

Moving averages are technical indicators that assist buyers and merchants clean out unstable price information by making a always up to date common price.

Looking at Bitcoin’s 200 weekly shifting common (WMA) and present worth, PlanB doesn’t forecast BTC dropping that low.

“Nah, that has never happened and [in my opinion] will never happen.”

Image
Source: PlanB/Twitter

Bitcoin is at present buying and selling at $47,676.65, down almost 2% on the day.

However, the largest crypto asset by market cap continues to be buying and selling at roughly 240% above the hypothetical $14,000 backside and 138% above the 2017 ATH referenced by PlanB in his evaluation.

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Featured Image: Shutterstock/vectorpouch/Andy Chipus

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