Crypto analyst PlanB said Bitcoin has moved above its 50-week moving average, which he put at about $79,000, and identified the 100-week moving average near $89,000 as the next target. In the same post, he said he has personally confirmed that the bear market is over.
PlanB cited several data points for that view. He said Bitcoin’s August closing price came in at $78,571, while multiple indicators have started to improve. He also pointed to the share of Bitcoin in profit rising from 50% to 72%, and monthly RSI increasing from 41 to 51. Based on those readings, he said the market bottom has passed and that he is bullish on what comes next.
The comments were reported by BlockBeats on Sept. 19.
BlockBeats reported on Sept. 19 that analyst PlanB said Bitcoin has climbed above its 50-week moving average, which he placed at about $79,000. He said the next target is the 100-week moving average, around $89,000.
PlanB also said he has personally confirmed that the bear market is over. He cited Bitcoin’s August closing price of $78,571 and said several indicators have started to improve. According to his post, the share of Bitcoin in profit rose from 50% to 72%, while monthly RSI increased from 41 to 51. On that basis, he said the bottom has passed and that he is bullish on the market outlook.
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