Bitcoin, the world’s largest cryptocurrency by market capitalization, is currently struggling to find its footing above $23,000.
Plan B, on the other hand, has released his analysis on Bitcoin, which is currently trading below the realized price as well as the 200-week moving average.
The 200-week moving average is a metric used to determine whether Bitcoin is in a bullish or bearish trend.
This is the eighth time the flagship currency has reached this level since its inception.
Plan B informs his 1.8 million Twitter followers in a new strategy session that the flagship currency is trading below the predicted trendline provided by stock-to-flow (S2F) as BTC is currently trading around $20,000 area.
The Reversing Price Trend
The indicator, according to the strategist, claims that sluggish investors who lacked the funds or the belief to keep their assets have already given up and dumped their reserves.
Meanwhile, many industry experts believe that the current market correction is similar to that of 2015, when Bitcoin fell but recovered quickly.
Plan B, on the other hand, does not believe that theory and claims that this is different from 2015.
This is because he claims that the realized price of the flagship currency was maintained above the 200-weekly moving average at the time, whereas Bitcoin’s realized price is now below the 200-weekly moving average.
Plan B, on the other hand, is optimistic about Bitcoin price momentum because he believes the current bearish trend will reverse.