Crypto analyst PlanB is predicting Bitcoin (BTC) could blast past $100,000 without a significant price correction. He bases this prediction on some key market indicators.
Profit-Taking Suggests No Dip
PlanB, who boasts a large following on X (formerly Twitter), argues that current Bitcoin selling is primarily profit-taking. Many holders, he says, bought at much lower prices ($55,000 on average in November) and are cashing in before a potential dip around the $100,000 mark. This preemptive selling, he suggests, could actually prevent a major dip once the $100,000 level is breached.
RSI and Realized Price Point to Continued Uptrend
PlanB points to two other indicators supporting his bullish outlook:
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Relative Strength Index (RSI): This momentum indicator hasn’t yet reached its peak, based on previous bull market cycles. PlanB believes this suggests the upward trend will continue. He notes the current RSI is 74, and expects even higher values.
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Two-Year Realized Price: This metric tracks the average price at which Bitcoins were last traded. PlanB highlights that Bitcoin has historically held above this level during bull markets, and it’s currently doing so. The current two-year realized price is around $60,000.
Bitcoin’s Current Price and the $100,000 Target
At the time of writing, Bitcoin is trading just below $100,000, around 6% off the mark. PlanB’s analysis suggests this gap could be closed without the usual price correction seen in previous bull runs.
Disclaimer: This is just one analyst’s opinion. Investing in cryptocurrency is inherently risky. Always do your own research before making any investment decisions./p>
