The Analyst Behind the Most-Talked-About Model Reveals the Next Bullish Target for Bitcoin
With Bitcoin’s price once again climbing above critical technical levels, analyst PlanB offered a noteworthy assessment. PlanB stated that Bitcoin closed above the 50-week moving average, which is around $79,000, and that the next technical target is the 100-week moving average at approximately $89,000.
PlanB noted that Bitcoin was trading around $81,000, stating, “Bitcoin closed above the 50-week moving average. The next target is the 100-week moving average, around $89,000.”
The renowned analyst also stated that his assessment that the bear market in Bitcoin has ended is now clear. He noted that after August closed at $78,571, a recovery was observed in various market indicators, and pointed out that the percentage of Bitcoin supply in a profitable state increased from 50% to 72%.
In addition, the analyst noted that the monthly RSI indicator rose from 41 to 51, arguing that this data points to an improvement in market momentum. According to PlanB, these developments suggest that Bitcoin may have passed its bottom, and the technical outlook supports bullish expectations for the upcoming period.
*This is not investment advice.
