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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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Antonio Ognibene/Sensvector

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