Cryptocurrency and bitcoin price continues to be relatively stable during the Ukraine-Russia war.
However, one of the popular crypto analysts, PlanC, shared his views on the upcoming period for the Bitcoin price.
The analyst also shared with his followers in which regions he will think in favor of the bear and in which regions the bull for the Bitcoin price.
“61.7% of Bitcoin Supply Has Not Been Traded in More Than A Year”
PlanC stated that 61.7% of the Bitcoin supply has not been transacted in the past year.
Thus, this indicator has reached a new record limit. The highest rate of this indicator so far was 63.4%.
The analyst stated that after this indicator broke the record, a big rally from $10,000 to $40,000 took place a month or so later.
61.7% of the #Bitcoin supply has not moved in at least 1 year. Only 3 months ago, this metric was at 54.5%.
The all-time high record is 63.4%, set a month before we begin our massive move from 10k to 40k. #Crypto #cryptocurrency pic.twitter.com/kGLfcdCNDn
— Plan©️ (@TheRealPlanC) February 26, 2022
In addition, the analyst stated that for the end of the bear market to be in question, the cost base of short-term investors must fall below the cost base of long-term investors.
This development has not yet been observed in the charts. That’s why PlanC claimed that the market cycle is not over yet and further declines are likely.
A cross of the STH Cost Base below the LTH Cost Bases has called the bottom of the 🐻 market within 3-5 days. #Bitcoin #Crypto
Dec 15, 18 – 3,190 Bottom
Dec 19, 18 – 3,775 CrossJan 14, 15 – 169 Bottom
Jan 9, 15 – 284 CrossNov 19, 11 – 2.05 Bottom
Nov 22, 11 – 2.29 Cross pic.twitter.com/VVsxXJR7T2— Plan©️ (@TheRealPlanC) February 27, 2022
“I Follow the Levels of 33,000 Dollars and 46,000 Dollars”
The analyst also stated that every day BTC price spends above $30,000 is a victory for the bulls.
However, PlanC said it will short-term bearish below $33,000 and bullish above $46,000.
According to the analyst, if it is between these two levels, it would not be right to make a clear interpretation of any direction. In addition, the short-term investor cost base stands at $46,000.
Agree with my man @decodejar who seems to always be on point. Nothing to write home about in either direction until this 33k/46k range is broken. 46k is also where the Short-Term Holder cost basis is. #Bitcoin #Crypto https://t.co/WkzU1B5XTl
— Plan©️ (@TheRealPlanC) February 27, 2022
*Not investment advice.