Crypto analyst PlanB said Bitcoin appears to have entered a bottoming phase after closing July at $62,818, a level close to the 200-week moving average at $63,000. In his view, that setup suggests the market has begun building a base. PlanB added that this process usually takes one to three months to play out. He also said BTC could still fall to lower levels during that period, indicating that a bottoming phase does not rule out additional downside in the near term. The remarks were cited by BlockBeats on Aug. 1.
BlockBeats reported on Aug. 1 that well-known analyst PlanB said Bitcoin closed July at $62,818, while the 200-week moving average stood at $63,000.
PlanB said Bitcoin appears to have started a bottoming process. He added that this phase usually takes 1 to 3 months, and BTC may still drop to lower levels during that period.
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