Crypto Analysts Flip Bullish on Bitcoin, PlanB Revises Bitcoin Prediction Model
Crypto analysts are now flipping bullish on Bitcoin, arguing that the recent crash of BTC is connected to the expiration of CME’s Bitcoin futures, and the higher BTC prices should make a comeback. Venture Coinist’s Luke Martin explains that if BTC cannot stay over $7,800, then this theory is not valid.
“Expecting upside on $BTC towards 9k. Wrong below 7800. Partially based on the chart and partially based on the data set below,” wrote Martin in his Twitter post.
Bitcoin to Go Up Once Again
PlanB is renowned in the cryptocurrency community, as it delivers his stock-to-flow charts on Bitcoin. It recently stated on Twitter that, according to a fractal analysis used to pinpoint price patterns, Bitcoin is ready to start a new race:
“New chart: #bitcoin fractal dimension changes over time and seems to indicate phases like bear, neutral, bull. Note how consistently blue turns to green, orange, red and vice versa. And yes we are at the start of a orange/red phase (although it might not feel like it right now).”
He also added that orange is not bearish, and “green flipping to orange has 3 out of 3 time been bullish (yes I know n=3). Orange flipping back to green/blue is bearish.”
Not Everyone Is Bullish
However, not many other analysts agree with these theories.
For instance, Josh Rager looked back at the price movements over this week and believes the BTC price could go even lower, compared to the volatile movements in the past:
“Bitcoin 2013 market compared to 2019.
2013: Bitcoin bull market pulled back 75% over 89 days before a 1600% run-up to new highs later in the year.
2019: Bitcoin has currently retraced 42% over 91 days.
Price can continue down but expect the bull trend to continue after pullback.”
At the time of writing, Bitcoin is at $8,167, down by 0.33% (CoinMarketCap data).
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.