Bitcoin price rose 6.6% in 24 hours and exceeded the $ 49,000 area immediately (August 21). Currently, King Coin is up 51% from the earlier month and lots of consider the bull run will not be over but.
Last week, Plan B defined why it was satisfied of its earlier forecast, stressing that “the bitcoin bull cycle is not over yet, $ 64,000 is not the top”.
“Both S2F Bitcoin (white line) and the on-chain signal (color, not yet red) indicate the second stage of this bull market.”
S2F mannequin that Plan B shared on August 17, 2021
User Joel McKinney has ask PlanB: “Are we again to $ 288,000? Or nonetheless 100,000? I’m actually confused, “and the analyst confidently replied,” Will go up, first $ 100,000, then $ 288,000. “
According to Intotheblock’s on-chain index, many Bitcoin are accumulating.
Number of addresses with Bitcoin as of August 18, 2021 | Source: Intotheblock
The intotheblock analysis group mentioned:
“Since February 2021, the number of addresses with at least one bitcoin has decreased by 40,000, starting with the initial price of $ 50,000 and accelerating in June when the price fell below $ 30,000. This suggests that profits will be taken first and then potentially panic selling leading to a crash. “
“This development shortly elevated in the other way as the quantity of addresses with a number of bitcoins returned to over 800,000, which confirmed renewed curiosity and accumulation of holders. An analogous sample might be noticed in the habits of addresses with greater than 1,000 Bitcoins. “
On the identical Twitter thread, person Sadman Shaumik requested, “Why are people still saying it is an uptrend while 90% of traders are losing money?” Plan B explains:
“Bitcoin has quadrupled in a year, and investors are making profits. 90% of traders always lose in any market because they trade too much and spend a lot of trading fees, or they have no method and are driven by emotions ”.
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