PlanB believes Bitcoin’s bull market is nowhere near the top and thinks that the cryptocurrency is only getting started despite its struggles to stay above $60,000 as we can see more in our latest bitcoin news today.
In a new tweet, PlanB explained to his 347,000 followers that he thinks Bitcoin’s current boom cycle is far from over saying:
“In my opinion, we are only about 4 months into the bull market and nowhere near the end of it. Bitcoin is just getting started.”
The quantitative analyst sees Bitcoin’s historical performance in terms of momentum to support the argument. According to him, Bitcoin’s relative strength index which measures the pace of the price movements for the asset hasn’t reached its peak yet:
“Bitcoin monthly RSI is not even 95. In 2011, 2013 and 2017 bull markets we had at least 3 months above 95. Still early.”
While the analyst is long-term bullish on the number one cryptocurrency, PlanB believes Bitcoin’s bull run is about to happen and faces major headwinds as well:
“There are also some real risks left (goverment ban, quantum computing) that have to be dealt with.”
The analyst also added that a BTC supercycle where the cryptocurrency will ascend to $1 million is not in question as he thinks that most market participants are behaving irrationally:
“In my opinion, markets are not completely rational and thus will not front-run next halving cycle or the S2F (stock-to-flow) model. Greed and fear will take over from ratio at some point.”
As recently reported, A Massive Coinbase outflow recorded means that the bitcoin price is ready to bounce again as the coin is reeling from a strong rejection from above the $60K which sent the number one cryptocurrency by market cap crashing down by more than $10K per coin. The massive ongoing outflows of BTC are still leaving a popular crypto exchange- Coinbase Pro at an alarming rate. The overall lack of BTC supply which shrinks further every day will be dominated by the demand and will cause the previously trending assets to bounce. This bounce could eventually develop into a resumption of an uptrend which is what the fundamentals are hinting at.
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