The popular Dutch analyst PlanB claims that the price of Bitcoin (BTC) has passed a resistance level that in the past marked the beginning of multi-year bull markets.
Bitcoin and the broader crypto market have been in a bear market for more than 20 months now. Various analysts are studying and sharing their theories about the start of the next cryptocurrency bull run.
PlanB Predicts Bitcoin Bull Run For Next 2 Years
PlanB discussed a five-month realized price line that has crossed a two-year realized price line. In the past, this intersection preceded every bull market.
PlanB tweeted:
“If history is any guide (red circles) it will stay above for the next 2+ years. Interesting times ahead.”
In the past, this intersection has already triggered a bull market in Bitcoin three times. This moment preceded the start of a new bullish price period of the apex cryptocurrency. But what is a realized price anyway?
The realized price is simply the average price people pay for their Bitcoin. The five-month realized price means the average price paid for BTC on-chain over the past five months.
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What Does RSI Indicate?
Moreover, the Relative Strength Index (RSI) of Bitcoin is also one of the important indicators to watch out for. The RSI is the so-called momentum indicator that traders use for technical analysis. Some analysts use it to understand whether an asset is currently overvalued or undervalued.
According to PlanB, the Bitcoin RSI is currently showing signs of a bull market, similar to 2015. The analyst states:
“Like clockwork, exact same spot as Oct 2015.”
Furthermore, PlanB has boldly stated that not buying Bitcoin below $30,000 now is like not buying Bitcoin below $10,000 in 2019. However, it is necessary for investors to conduct their own analysis before making an investment decision.
PlanB claimed in 2021 that Bitcoin would hit $98,000 by the end of November 2021. However, the asset reached a top at $69,000 and has been in a bear run since then.
As of writing, Bitcoin is trading at $29,492, down by around 0.94% in the past 24 hours.
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