tl;dr
Renowned crypto analyst PlanB suggests that Bitcoin may not experience a market correction until surpassing $100,000, attributing this to sellers expecting a dip at that price point. PlanB highlights the realized return metric, indicating profit-taking by Bitcoin holders, which could prevent a signi...
Renowned crypto analyst PlanB suggests that Bitcoin may not experience a market correction until surpassing $100,000, attributing this to sellers expecting a dip at that price point. PlanB highlights the realized return metric, indicating profit-taking by Bitcoin holders, which could prevent a significant dip at the six-figure target. Additionally, the analyst points to the relative strength index (RSI), suggesting that Bitcoin's uptrend will persist based on historical bull market cycles. PlanB also emphasizes Bitcoin's support at the two-year realized price level, historically indicative of ongoing bull markets. At the time of writing, Bitcoin is trading at $94,290, approximately 6% below the $100,000 mark.
Bitcoin analyst PlanB predicts no market correction until Bitcoin reaches six figures, suggesting holders are selling ahead of a potential $100,000 target to take profits. PlanB highlights that Bitcoin's realized return metric indicates profit-taking at around 60% and suggests that a significant dip at $100,000 may not occur due to this selling behavior. The analyst also points out that Bitcoin's relative strength index (RSI) has not peaked based on past bull market cycles, indicating that the uptrend is likely to continue, and shares a chart showing Bitcoin's support at the two-year realized price level. Bitcoin is currently trading at $94,290, approximately 6% below the $100,000 mark.
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!”
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.
Bitcoin is trading for $94,290 at time of writing, about 6% below the $100,000 level.