Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

PlanB: Bitcoin Bull Market Untouched and in Full Swing

by Daily Hodl Staff
April 20, 2021
in Bitcoin, Trading

Amid the continuing correction in Bitcoin and the broader crypto markets, top analyst PlanB believes that the BTC bull market is far from over.

In a new tweet, the crypto analyst known for being the first to apply the stock-to-flow (S2F) ratio to Bitcoin says that the sell-off that witnessed BTC plunging from $60,000 to $52,000 on April 17th is an event designed to rinse out overleveraged traders.

“In my opinion, just a normal liquidation event, where dumb leveraged longs hand over their coins to smarter and stronger hands. Bull market untouched and in full swing.”

The crypto analyst also highlights Bitcoin’s robust fundamentals, where the supply of BTC continues to drop.

“Bitcoin dipped a bit, but the supply shortage is real… and growing.”

Fellow trader Bitcoin Jack uses charts from crypto insights platform Glassnode to reveal that BTC moved from small hands to big hands after the capitulation event.

April 15, 16 and 17th $BTC saw ~482K addresses deposit to exchanges

Same period ~220K addresses were withdrawn to from exchanges & net positive outflow recorded

Many tiny hands in -> fewer bigger hands out

Confirmed by short term holder SOPR capitulation

Data: @glassnode pic.twitter.com/zXXNpkXHXa

— //Bitcoin ?ack ? (@BTC_JackSparrow) April 19, 2021

Glassnode’s Spent Output Profit Ratio (SOPR) is an indicator that shows whether market participants are selling at a profit or loss. According to Bitcoin Jack’s chart, the SOPR is currently below one, indicating that sellers would be letting go of their BTC at a loss.

In a separate tweet, PlanB notes that Bitcoin’s momentum indicator, the relative strength index (RSI), has yet to hit its peak.

“Bitcoin is looking strong at RSI 92. Still not above RSI 95 like 2017, 2013 and 2011 bull markets. I calculated BTC price needed for RSI 95 at April close: $92,000.”

Image
Source: PlanB/Twitter

If Bitcoin’s RSI continues to hover above 90, PlanB calculates that the leading crypto asset will skyrocket over 450% in the coming months.

“RSI is 92 now and April is the 2nd month >90. If this run continues 4 more months at RSI 92, BTC will be $300,000 in July (not saying this will happen, just what if). In my opinion, after next all-time high (maybe end this year), volatility will return and we can not rule out 50-80% draw down.”

Check Price Action

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

 
Check Latest News Headlines


 
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Cultura Motion

Submit a Press Release

Industry Announcements

  • Spritz Finance Launches Direct Wallet Pay, an Easy Way To Pay Real-World Bills With USDC From Any Crypto Wallet
    July 5, 2022
  • Metaverse Summit To Accelerate Open Metaverse and Web 3.0 With International Leaders
    July 5, 2022
  • Swappi (PPI) Announces First Exchange Listing on BitMart
    July 1, 2022
  • Yield App Joins Forces With Unstoppable Domains To Simplify Web 3.0 Journey
    July 1, 2022
  • ARK Has Introduced a New Blockchain Consensus Technology
    June 30, 2022
  • Cantina Royale Taps Elrond Apes To Boost Its In-Game Cross Chain NFT Collections
    June 28, 2022
  • Saddle Finance Announces End of Lock-Up Period for Its SDL Token
    June 24, 2022
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$20,003.00
$20,003.00
1.68%
Ethereum
$1,128.77
$1,128.77
3.13%
Cardano
$0.456899
$0.456899
2.46%
XRP
$0.323634
$0.323634
1.14%
Dogecoin
$0.067468
$0.067468
2.82%

Spotlight

  • Banking Giant JPMorgan Says Bitcoin and Crypto Meltdown May Be Short-Lived – Here’s Why
    June 30, 2022
  • Bitcoin Flashing Major Bottom Signal, According to Economist Alex Krüger – But There’s a Catch
    July 4, 2022
  • Rich Dad Poor Dad Author Says Colossal Bitcoin Discount Is Coming – Here’s His New Target
    June 29, 2022
  • Here’s When the Bear Market Bottom Will Fully Form, According to Top Crypto Analyst
    July 1, 2022
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2022 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2022 The Daily Hodl