When Will Bitcoin Epic Rise? The Inventor of the Historical BTC Model Answered
Inventor of the famous Stock Flow Model, PlanB explains when traders should expect another bull run in Bitcoin.
— PlanB (@100trillionUSD) May 28, 2020
PlanB: Bitcoin is not in the bull zone yet!
In his new statements, PlanB, the inventor of the Stock Flow Model, claims that unlike many analysts, Bitcoin is not yet in the bull zone. Only the analyst points out that the Relative Strength Index (RSI) is currently below 60 on the weekly chart, which usually means that the bears are still dominating the market. The RSI indicator is useful to find out if a particular asset is overbought and oversold. If the indicator exceeds 70, bulls are likely to breathe into the analyst.
PlanB claims that BTC will be in the bull market when it starts to shut down constantly, as in the 2016-2017 bull run. Bitcoin rose to 80 in July 2019, which perfectly showed the peak of last year’s short-lived bull run. As previously reported by cryptocoin, the model of the Dutch analyst estimates that BTC could climb to $ 100,000 by December 2021.
When are you thinking bull territory might be?
— Sam Lunt (@SJL99) May 28, 2020
Bitcoin collects before CME futures expire
After a few days sideways price movement, the bulls are finally accelerating to gain control of the market. On May 28, Bitcoin’s price rose more than 3 percent on the Bitstamp stock market, after rising above the $ 9,500 level. In particular, half of CME Bitcoin futures will expire this Friday, which may bring a more turbulent price move, according to analysts.