Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Bitcoin Price Poised for Surge, Analyst PlanB Predicts

Published 05/27/2024, 05:10 PM
Updated 05/27/2024, 05:45 PM
© Reuters.  Bitcoin Price Poised for Surge, Analyst PlanB Predicts
BTC/USD
-

  • Bitcoin price action is gaining momentum, said analyst PlanB.
  • The MVRV score and RSI values show that buyers are in charge.
  • The price action bottomed in the 2022–2023 crypto winter, PlanB’s graph shows.

PlanB, a prominent crypto analyst and creator of the Bitcoin Stock-to-Flow model (S2F), suggests that Bitcoin (BTC) price action is gaining momentum and hints at a potential price surge in the near future.

In a recent post on X, the analyst presented a graph depicting Bitcoin’s MVRV (Market Value to Realized Value) score.

The graph, which compares Bitcoin’s relative strength index (RSI) over the years with the MVRV score, reveals a correlation between higher MVRV scores, market tops, and increased buying pressure.

PlanB’s analysis suggests that, similar to previous bullish cycles, Bitcoin’s RSI is rising and the MVRV scores are increasing, indicating a possibility for the Bitcoin price to surge and potentially surpass its current all-time high of $73,000, recorded in March.

Furthermore, the MVRV score tends to be relatively low when RSI levels are down and the market is bearish. PlanB’s graph indicates that 2022-2023 was a period of price low…

The post Bitcoin Price Poised for Surge, Analyst PlanB Predicts appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.