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.
Quantitative analyst Plan B, on the other hand, has come up with its analysis on bitcoin, which is trading below the 200-week moving average as well as the actual price. The 200-week moving average is a metric that indicates whether bitcoin is in a bullish trend or a bearish trend.
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 informed its 1.8 million fans on Twitter that the major currency is trading below the projected trend line provided by Stocks-to-Flow (S2F) as BTC is currently hovering around $20,000. is 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 current market correction is similar to 2015 when Bitcoin declined but it was enough to recover. However, Plan B does not believe in that theory and says it 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.
Conversely, Plan B has a positive outlook on bitcoin price momentum as they believe the current bearish trend will reverse.
