Bitcoin Price Can Hit the $92K Mark Soon! Says Popular Analyst
Quantitative investor and creator of the BTC stock-to-flow model PlanB says that the BTC bull market is far from over.
While several crypto enthusiasts believe that the leading crypto asset Bitcoin (BTC) is nearing the end of its bull run, renowned crypto analyst PlanB feels otherwise.
According to him the April 17th sell-off, which saw BTC drop from $60,000 to $52,000, was intended to flush out over leveraged traders.PlanB had previously highlighted this Bitcoin price metric, using it to accurately forecast some of the digital gold’s runs.
In his opinion it’s just a regular liquidation case, where dumb leveraged longs hand over their coins to smarter, stronger hands. The bull market is still going strong he says.
“Bitcoin dipped a bit, but the supply shortage is real… and growing.”
Bitcoin Jack fellow trader uses charts from crypto insights platform Glassnode to show that BTC went from small hands to big hands.
The Spent Output Benefit Ratio (SOPR) from Glassnode is a metric that indicates whether market participants are profiting or losing money when they sell. The SOPR is currently below one, according to Bitcoin Jack’s table, implying that sellers are willing to sell their BTC at a loss.
PlanB also mentions that Bitcoin’s momentum metric, the relative strength index (RSI), has yet to reach its height in a separate tweet.
“Bitcoin is looking strong at RSI 92. Still not above RSI 95 like 2017, 2013, and 2011 bull markets. I calculated the BTC price needed for RSI 95 at April close: $92,000.”
Even as China becomes more accepting of Bitcoin, its price is under severe pressure. BTC price is currently trading at $55,350.