Popular cryptocurrency analyst PlanB believes a key indicator suggests Bitcoin’s next bull run hasn’t begun yet. However, he sees promising signs.
A Look at the 200-Week Averages
In a recent YouTube video, PlanB pointed to the 200-week moving averages of Bitcoin’s price – both arithmetic and geometric. He argues that when these two averages are close together, it historically precedes significant price increases. Conversely, large price drops have occurred when these averages diverge.
PlanB highlighted past instances where these averages converged, followed by substantial Bitcoin price rallies. He noted that this convergence occurred before the bull markets of 2017 and 2020.
Current Market Conditions and Predictions
Currently, the 200-week arithmetic and geometric means are close, leading PlanB to suggest that a bull market might be on the horizon. He emphasizes that a sustained bull market is unlikely to begin until these averages separate again.
PlanB’s analysis suggests that the current market conditions, while showing some positive signs, don’t yet definitively indicate the start of a new bull run. He believes further confirmation is needed before declaring a new bull market underway.
Disclaimer: This information is for educational purposes only and should not be considered financial advice. Always conduct thorough research and consult with a financial advisor before making any investment decisions.
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