Quantitative cryptocurrency analyst PlanB recently said that the crypto market volatility seems to be moving towards a new market cycle, and Bitcoin BTC/USD is bottoming out.
He noted that more than half of Bitcoin in circulation is now in a state of profit. According to him, coins in profit going from 50% to over 60% is a solid bottoming signal.
No technical analysis needed with this chart! 😎 pic.twitter.com/Dxg7b0IqU1
— PlanB (@100trillionUSD) October 30, 2022
Further, he pointed out that BTC’s RSI is at historic lows, suggesting that Bitcoin is deeply undervalued.
More bottom signals: >60% of all #Bitcoin is in profit pic.twitter.com/JXCmlI0F2t
— PlanB (@100trillionUSD) October 27, 2022
Last year, around this time, he predicted that BTC would see a hyperbolic surge and would outperform all other assets in 2022.
#bitcoin RSI will not stay low forever! pic.twitter.com/6dfaBWhFgS
— PlanB (@100trillionUSD) October 28, 2022
Also Read: Crypto Analyst Who Correctly Predicted Bitcoin Would Retreat To $21K Now Has This New Alert
At the time of writing, Bitcoin was trading at $20,680, up by 6.34% in the last seven days.
Earlier this week, crypto analytics firm Glassnode said that Bitcoin is forming a bear market floor.
The crypto analytics firm said, “Throughout the capitulation in early 2022, the accumulation trend score indicates significant accumulation by large entities has taken place, as well as the seizure of the recent bear market rally to $24,500 for exit liquidity.”