Don’t Expect a Bitcoin Dip Before Big Break of $100,000, According to Quant Analyst PlanB – Here’s Why
The popular crypto analyst PlanB believes Bitcoin ( BTC ) may not see a market correction until after breaking into the six-figure range due to one key metric.
The pseudonymous trader tells his 2 million followers on the social media platform X that Bitcoin holders appear to be selling ahead of a possible $100,000 price target.
According to the analyst, the Bitcoin profit-taking may actually mean a significant dip at the six-figure target will not occur.
“Who sells Bitcoin now? Easy: sellers are profit-takers. On average November sellers sold at more than 60% profit (red) with a cost price of $55,000. I guess people expect a dip at $100,000 and are front-running that expected $100,000 dip. This might mean there won’t be a $ 100,000 dip!”
Source: PlanB/X
The realized return is a metric that indicates the total profit or loss of a Bitcoin investment based on the price at which the coins were last moved.
Next up, the analyst says that Bitcoin’s relative strength index (RSI) – a momentum oscillator used to analyze whether an asset is overbought or oversold – has yet to peak based on prior bull market cycles, suggesting the uptrend will continue.
He also shares a chart of the realized price metric, which records the value of all coins in a current time frame at the price they were last transacted on-chain, divided by the number of BTC in circulation. The chart suggests that Bitcoin is holding as support for the two-year realized price level, which the flagship digital asset has held in previous bull market cycles.
“Color in this chart is RSI. RSI is 74 now (yellow/orange). Imagine what RSI 80+ (red) will be like! Two-year realized price (gray line) is increasing sharply, just like at the start of 2013, 2017, 2020/21 bull markets. Two-year realized price is $60,000 now. In bull markets, Bitcoin never dips below two-year realized price.”
Source: PlanB/X
Bitcoin is trading for $94,290 at time of writing, about 6% below the $100,000 level.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on X , Facebook and Telegram
Surf The Daily Hodl Mix
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
After the US stock market plummeted, "Wood Sister" Cathie Wood said: The more the market worries, the more optimistic I become, the bull market is not over
As the Nasdaq falls into a correction zone, Cathie Wood ("Sister Wood") stated that the prevailing market anxiety actually makes her more confident in the continuation of the bull market. She attributes this correction to pressures in the bond market and controversies over AI capital expenditures, but emphasizes that the technological revolution is still ongoing. She also revealed that ARK has used the opportunity to increase its holdings in high-conviction positions such as SpaceX, and expects the stock market to perform well through 2027.
After the "Black Week" for tech stocks, Wall Street calls for "bottom fishing"
Morgan Stanley has made it clear that "the next two to three weeks are the time to increase positions." Ed Yardeni characterizes the current downturn as a "correction" rather than the bursting of a bubble. Major Wall Street institutions have an average year-end target for the S&P 500 of 7,973 points. However, most strategists believe that the direction of AI policy remains the largest variable.
CoreWeave writes to Texas governor-elect seeking "data center consultation"
In this open letter, Michael Intrator stated that CoreWeave "strongly supports" Hinojosa's principled position that the growth of data centers must benefit the people of Texas. "We welcome the opportunity to work with your transition team to responsibly advance approved projects and to establish clear and lasting standards for future developments," he said.
Crypto prices
More
