Top Bitcoin Analyst Says These Metrics Indicate BTC May Be Near Its Bear Market Bottom

Bitcoin (BTC) trading veterans say BTC’s 200-week moving average (200WMA) and Relative Strength Index (RSI) are flashing positive signals.

Pseudonym Analyst Plan B To tell His 1.9 million followers have bottomed out on BTC’s 200WMA, but need an RSI to confirm.

“About this chart:

1) Realization / 200WMA shows how small the bull market in 2021 is compared to 2013 and 2017

2) Summer 2021 (after China’s mining ban) BTC still looks bullish and RSI rises again

3) But November / December 2021 RSI broke: the end of the bull

4) Realized / 200WMA is displayed below. Do you want to check the RSI? “

Weekly moving averages are a technical indicator that helps investors and traders smooth out volatile price data by creating constantly updated average prices. Bitcoin’s Relative Strength Index is a metric that analyzes the candle vibration of crypto assets over 14 periods.

See BTC’s 200WMA, Plan B in detail To tell The largest crypto asset by market capitalization is where it should be.

“Bitcoin has successfully bounced back to 200 WMA and the realized price level (both about $ 22,000). Let’s see if that works.

By the way, BTC $ 24,800 returns the RSI to 45. “

Traders too To tell BTC’s current RSI is just below the 45 level above. Plan B seems to think it’s time for the RSI to turn bullish.

“Bitcoin Relative Strength Index (RSI) Flipping?”

Plan B too poll His over 1 million followers ask the following questions: How much is Bitcoin worth in 4 years?

“85% think they can see something new [all-time high] Next 4 years “

Bitcoin It was trading at $ 22,085 at the time of writing and has risen 6% in the last 24 hours.

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Featured images: Shutterstock / Antonio Ognibene / Sensvector