Top Bitcoin Analyst Says These Metrics Indicate BTC May Be Near Its Bear Market Bottom

Top Bitcoin Analyst Says These Metrics Indicate BTC May Be Near Its Bear Market Bottom

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A Bitcoin (BTC) trading veteran says BTC’s 200-week moving average (200WMA) and relative strength index (RSI) are flashing positive signals.

Pseudonymous analyst Plan B tells his 1.9 million followers that BTC’s 200WMA is showing a bottom, but he needs the RSI to confirm.

“About this chart:

1) Realized/200WMA shows how small 2021 bull market was compared to 2013 and 2017

2) Summer 2021 (after China mining ban) BTC still looked bullish, RSI rising again

3) But Nov/Dec 2021 RSI broke: end of bull

4) Now Realized/200WMA shows bottom. Will RSI confirm?”

Source: 100trillionUSD/Twitter

Weekly moving averages are technical indicators that help investors and traders smooth out volatile price data by creating a constantly updated average price. Bitcoin’s relative strength index is a metric analyzing the crypto asset’s candle oscillation over 14 periods.

Looking closer at BTC’s 200WMA, Plan B says the largest crypto asset by market cap is right where it should be.

“Bitcoin nicely bounced back to 200WMA and Realized Price levels (both at ~$22,000). Let’s see if it holds. 

Btw BTC $24,800 would flip RSI back at 45.”

Source: 100trillionUSD/Twitter

The trader also says BTC’s current RSI sits just below the 45 level mentioned above. Plan B appears to think it is time for the RSI to flip bullish.

“Bitcoin Relative Strength Index (RSI) flipping?”

Source: 100trillionUSD/Twitter

Plan B also polls his over 1 million followers, asking the question: How much will Bitcoin be worth in four years?

“85% thinks we will see a new [all-time high] next 4 years”

Source: 100trillionUSD/Twitter

Bitcoin is trading for $22,085 at time of writing, up 6% over the last 24 hours.

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Featured Image: Shutterstock/Antonio Ognibene/Sensvector

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