Quantitative crypto analyst Plan B says that Bitcoin (BTC) has yet to peak this cycle based on the crypto asset’s current value and historical data.
Plan B tells his 1.6 million Twitter followers that he doesn’t think Bitcoin’s all-time high (ATH) around $69,000, reached one month ago, is the top of this cycle.
“I don’t think $69K was the top for this halving cycle.”
The popular analyst then says that a bear market would typically put the price of BTC much lower.
“If $69K were the top, then a typical bear market -80% drawdown would bring the bottom to $14K… below 2017 ATH ($20K) and below 200 weekly moving average ($18K).”
Moving averages are technical indicators that help investors and traders smooth out volatile price data by creating a constantly updated average price.
Looking at Bitcoin’s 200 weekly moving average (WMA) and current value, PlanB does not forecast BTC dropping that low.
“Nah, that has never happened and [in my opinion] will never happen.”
Bitcoin is currently trading at $47,676.65, down nearly 2% on the day.
However, the largest crypto asset by market cap is still trading at approximately 240% above the hypothetical $14,000 bottom and 138% above the 2017 ATH referenced by PlanB in his analysis.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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