Bitcoin has been making headlines in recent times, with analysts and investors keeping a close eye on its price movements. And now, some of the most well-known Bitcoin analysts have confirmed that the cryptocurrency has entered a bull market.
Plan B, who has 1.87 million followers on Twitter, took to the social media platform to share his insights. According to him, the Bitcoin Relative Strength Index (RSI) has surpassed 50, indicating that the bull market has been confirmed. The RSI is a leading indicator that measures the strength of a trend in terms of changes in closing prices.
#Bitcoin RSI > 50 .. bull market confirmed🚀 pic.twitter.com/3L1y5PBsoQ
— PlanB (@100trillionUSD) March 19, 2023
Plan B had previously predicted a Bitcoin bull market in January, when he said that the relative strength index bottomed out and reversed upwards. He also made a prediction that the price of Bitcoin would record more than $32,000 in the next year’s halving and more than $100,000 in 2025.
CryptoQuant CEO Joo Ki-young also tweeted that Bitcoin had entered a bull market, saying that it had entered the beginning of a bull market in January.
#Bitcoin entered into the bull phase. https://t.co/2VjgghXIB2 pic.twitter.com/8FmHyVILZH
— Ki Young Ju (@ki_young_ju) March 20, 2023
According to CryptoQuant’s data, Bitcoin has reached the logarithmic 100 MA, which shows at least a 50% price increase since 2019, even if it doesn’t close above it.
The MVRV indicator also shows that Bitcoin is in a bullish wave at 1.35 percent, according to the historical reaction of BTC to the indicator, which has happened multiple times, always showing at least a 50% bullish movement.
Given all these analyses, many investors are optimistic about the future of Bitcoin. The period until the Fed report is expected to be bullish, and if the report comes at +25 points, we are likely to see three bullish months for BTC.
The recent confirmation of a Bitcoin bull market is good news for investors who have been keeping a close eye on the cryptocurrency. While it’s important to remember that cryptocurrency prices can be volatile and unpredictable, the insights from these well-known analysts are likely to inspire confidence among investors.
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