The analyst, known under the pseudonym Plan B, believes that bitcoin is on the threshold of a new cycle.
The expert predicts the emergence of an upward trend for two reasons. Firstly, thanks to the recent increase in the value of bitcoin, investors owning more than 60% of BTC in circulation turned out to be in profit. According to Plan B, this factor indicates the upcoming pump of the coin price.
Secondly, the RSI index speaks in favor of increasing the value of bitcoin. Recently, the value of this technical indicator has dropped to the lowest indicator in history, that is, the market has fallen into an extreme oversold zone, so a reversal is inevitable.
Employees of the research company Glassnode agree with the position of Plan B. In the latest report, the company's employees reported that now the bitcoin market is at the accumulation stage, which precedes the emergence of a powerful bullish trend.
At the moment, there is a dynamic similar to the trend recorded at the beginning of 2019 before the rapid increase in the value of bitcoin by more than three times.