Quant Analyst PlanB Says Bitcoin Correction ‘Normal Bull Market Dip’ After 30% Drop for BTC
Widely followed on-chain analyst PlanB says that Bitcoin’s ( BTC ) current correction is part and parcel of regular bull market conditions.
The pseudonymous analyst tells his 2.1 million followers on the social media platform X that the indicators he watches are still signaling bullishness for the flagship crypto asset.
Says PlanB,
“Even with today’s low bitcoin prices my on-chain indicators still signal bull market. So in my opinion this is a normal bull market dip and not a transition from bull phase to distribution phase (and then bear phase).”
Source: PlanB/X
PlanB’s color-coded dot chart indicates the number of months until each halving – when BTC miners’ rewards are cut in half – with the red dots representing the beginning of the halving cycles.
In a recent video update, the analyst told his 209,000 YouTube subscribers that a combination of 200-week means suggests Bitcoin may soon enter an explosive uptrend based on historical precedent.
The analyst says that the 200-week arithmetic and the 200-week geometric are currently running close together on the chart, signaling a possible Bitcoin breakout.
“It might be that the bull market is still forming and that the [arithmetic mean] will separate again, will diverge again, from the geometric mean.
One more thing on those two lines. Notice that you can’t have a bear market or a big crash when the 200-week [arithmetic mean] and the geometric mean are together. The big crashes here [in 2021 and 2022] are happening when there’s a diversion between the two lines. Also, here in 2018, there was a big gap between the two [means]. Same here in 2014 and 2015.”
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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