bitcoin While the price was trading at $ 41,000 at the time of this writing, the famous BTC analyst PlanB shared his views on the latest situation.
PlanB, who was involved in the discussion of whether the current price is a bottom point, reported that the realized price of Bitcoin is approaching its 200-week moving average. The famous analyst, who has close to 2 million followers on Twitter, is known as the founder of the popular Stock-to-Flow (S2F) model.
Bitcoin (BTC) Price Approaches the 200-Week Moving Average
PlanB, in its tweet today, reported that the realized price of Bitcoin (BTC) is approaching its 200-week moving average. The heatmap of the 200-week moving average has been used many times by PlanB to predict when the BTC price will bottom out. In the last two market cycles, BTC’s price has bottomed around its 200-week moving average.
#bitcoins 200 week moving average approaches realized price 🚀 pic.twitter.com/x6Uj6sM9gS
— PlanB (@100trillionUSD) April 20, 2022
However, it could be a rally signal when BTC’s realization price approaches its 200-week moving average. Historically, at the end of 2016 and the beginning of 2020, the BTC price started its rally when the realized price reached its 200-week moving average.
However, it should be noted that the latest forecasts of PlanB have not been realized in general. As it is known, PlanB, which claimed last year that the BTC price will reach $100,000 by the end of 2021, is the world’s largest cryptocurrency instead, he was wrong, closing the year around $40,000.
*Not investment advice.