Analyst PlanB Points to Indicator Signaling an Accelerated Bull Market for Bitcoin (BTC)
In a recent strategy session on YouTube, quantitative analyst PlanB shared insights with his dedicated subscriber base of 51,600.
According to PlanB, Bitcoin’s realized cost price, which represents the average value of the BTC supply calculated based on the price at which the coins were last moved, is presenting a strong indication of an impending and more prominent bull market.
Drawing from historical data, PlanB highlights that whenever the price surpasses the two-year realized cost price, significant upward movements in Bitcoin’s value tend to follow. The current situation is particularly noteworthy as the price has not only surpassed the two-year realized cost price, but it has also exceeded the short-term five-month cost price.
PlanB emphasizes the importance of this development, noting that it carries substantial significance. However, he cautions that the month is not yet over, and the closing of June will provide further insights into the market’s trajectory.
PlanB also observes a compelling trend in the realized cost price readings. After years of remaining stagnant, these readings are now collectively moving upward. Looking back at historical patterns, the analyst points out that closing above the two-year realized price has often been a signal of an impending acceleration in the bull market. Notably, 2019, which was an atypical year due to the unforeseen impact of the Covid-19 pandemic, exhibited a similar trend.
PlanB finds it particularly intriguing that both the realized price (represented by the black line) and the two-year realized price (represented by the blue line) are experiencing an upward trajectory after a prolonged period of decline. This resurgence piques his interest and adds further anticipation to the unfolding Bitcoin landscape.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.