Here Is Why The Current Bitcoin (BTC) Bear Moment Will Flip – Plan B!

The post Here Is Why The Current Bitcoin (BTC) Bear Moment Will Flip – Plan B! appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

The world’s largest cryptocurrency by market cap, Bitcoin is not in a good space at the moment as the currency is struggling to find its pace above $23,000.

On the other hand, quantitative analyst Plan B has come up with his analysis on Bitcoin, which is right now below the realized price along with the 200-week moving average. The 200-week moving average is a metric that indicates whether Bitcoin is in a bullish trend or a bearish one.

Since the time the flagship currency has been in existence, this is the eighth time that the currency has crossed this level.

In a new strategy session, Plan B informs his 1.8 million admirers over Twitter that the flagship currency is trading beneath the predicted trendline given out by stock-to-flow (S2F) as BTC is currently around $20,000 area.

Bitcoin Price Trend To Reverse

As per the strategist, the indicator claims that the sluggish investors who lacked the funds or the belief to retain their assets, have already given up and dumped their reserves.

Meanwhile, many industry experts believe that the present market correction is similar to that of 2015 when Bitcoin declined but was quick enough to recover. However, Plan B doesn’t believe that theory and says that this is different from 2015.

This is because he claims that back then the flagship currency’s realized price was maintained above the 200-weekly moving average and now Bitcoin’s realized price is below the 200-weekly moving average.

On the contrary, Plan B has a positive approach toward Bitcoin price momentum as he believes the present bearish trend will flip.