A prominent Bitcoin analyst says that the 200-week moving average of Bitcoin (BTC) and the RSI index (RSI) are showing a positive trend.
Here is the date when Bitcoin price will see $100,000 according to Plan B
Bitcoin’s 200-week moving average (WMA) is pointing to a bearish. But the popular Bitcoin analyst, nicknamed Plan B, tells his 1.9 million Twitter followers that he expects RSI to confirm this. Plan B recently shared charts that support this prediction. Accordingly, we can collect the analyst’s conclusions under 4 headings.
- Realized/200WMA shows how short the 2021 bull market is compared to 2013 and 2017.
- After China banned mining in the summer of 2021, Bitcoin was once again in a bull run and the RSI was rising.
- However, in November/December 2021, the RSI broke, signaling the end of the bull run.
- Realized/200WMA is currently showing a bottom.
Technical standards, such as weekly moving averages, help traders understand volatility by creating a constantly updated average price. On the other hand, Bitcoin’s RSI index is a metric that tracks the movement of its candles over a 14-day period. Plan B claims that Bitcoin is currently in a viable position despite doing a thorough analysis of the 200-week MA.
With Bitcoin trading at $22,000, the analyst confirmed that it has risen to the 200-week MA and Realized Price Levels. He advises investors to wait and see if Bitcoin can maintain this level. Additionally, he states that if Bitcoin price trades at $24,800, the RSI will return to 45.
According to Plan B, the RSI is currently below 45 as mentioned earlier. The analyst now says it’s time for the RSI to return to its bullish stance.
Will BTC reach $100,000 in the next 4 years?
Plan B, an expert, got opinions from his 1 million followers in a Twitter poll. In the survey, 85% of respondents predicted that Bitcoin will rise above $100,000 in the next four years.
As we reported on Kriptokoin.com, Bitcoin is currently trading below the $22,000 zone. It has gained double digits since last week. According to on-chain data, the Bitcoin Fear and Greed Index is at its peak in two months after hitting 20. According to most analysts, this is another bullish indicator for Bitcoin.
Additionally, in the latest Santiment analysts, we have seen investors fail spectacularly in shorting BTC. Santiment noted in a tweet:
Average FX funding rates suddenly fell off a cliff nine hours ago, and short liquidations abounded. Prices soared to $21,800. However, it was later fixed at current levels. This is another important factor that indicates the strength of the network.
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