Quant Analyst PlanB Says Bitcoin Correction ‘Normal Bull Market Dip’ After 30% Drop for BTC
Widely followed on-chain analyst PlanB says that Bitcoin’s ( BTC ) current correction is part and parcel of regular bull market conditions.
The pseudonymous analyst tells his 2.1 million followers on the social media platform X that the indicators he watches are still signaling bullishness for the flagship crypto asset.
Says PlanB,
“Even with today’s low bitcoin prices my on-chain indicators still signal bull market. So in my opinion this is a normal bull market dip and not a transition from bull phase to distribution phase (and then bear phase).”
Source: PlanB/X
PlanB’s color-coded dot chart indicates the number of months until each halving – when BTC miners’ rewards are cut in half – with the red dots representing the beginning of the halving cycles.
In a recent video update, the analyst told his 209,000 YouTube subscribers that a combination of 200-week means suggests Bitcoin may soon enter an explosive uptrend based on historical precedent.
The analyst says that the 200-week arithmetic and the 200-week geometric are currently running close together on the chart, signaling a possible Bitcoin breakout.
“It might be that the bull market is still forming and that the [arithmetic mean] will separate again, will diverge again, from the geometric mean.
One more thing on those two lines. Notice that you can’t have a bear market or a big crash when the 200-week [arithmetic mean] and the geometric mean are together. The big crashes here [in 2021 and 2022] are happening when there’s a diversion between the two lines. Also, here in 2018, there was a big gap between the two [means]. Same here in 2014 and 2015.”
Follow us on X , Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Cardano Proposal Examiner AI Agent to Automate Governance
Quick Take Summary is AI generated, newsroom reviewed. Cardano launches an AI Proposal Examiner to reduce governance review times from 50+ hours to minutes. Developed by GriffinAI with the Cardano Foundation under the CIP-1694 governance model. Cardano governance processed 75 proposals this year, creating significant manual strain. The AI analyzes constitution alignment, risks, and proposal summaries. Tool assists governance members but does not replace human decision-making.References X Post Reference
21Shares Confirms Monday Launch for U.S. Spot XRP ETF
Quick Take Summary is AI generated, newsroom reviewed. 21Shares confirmed its U.S. spot XRP ETF (TOXR) is approved by the SEC and is set to launch on Monday. The ETF will track the CME CF XRP-Dollar Reference Rate, giving traditional investors easy, direct exposure to XRP's spot price. XRP is currently trading near $2.22 amid strong cumulative inflows (over $600 million) into existing U.S. spot XRP ETFs. The launch is viewed as a major test of XRP's liquidity and a significant step toward its normalization
Ethena Labs' token collection drives a 13% increase in ENA
- Ethena Labs' strategic accumulation of 150M ENA tokens triggered a 13% price surge, with $33.45M withdrawn from exchanges like Coinbase and Bybit. - On-chain data shows reduced circulating supply and $88.67M consolidated holdings, signaling long-term confidence in the token's trajectory. - Technical indicators (RSI 78, Bull Bear Power 0.0396) confirm bullish momentum, though overbought conditions suggest short-term volatility risks. - USDe's $62.45M reserves and $600M cumulative fees highlight protocol r
Bitcoin Updates: Institutions Accumulate Bitcoin Amid Technical Uncertainty—Is $98K the Key to a Bull Run?
- Texas and Harvard's $5M-$443M Bitcoin ETF investments signal growing institutional adoption despite self-custody uncertainties. - BlackRock's IBIT faces $66M redemptions amid Bitcoin's $80K-$87.6K rebound, with funds shifting to Fidelity's FBTC ETF. - Technical analysts highlight $81K-$85K support recovery and $96.8K-$98K imbalance zone as critical for confirming a sustained rally. - Macroeconomic factors like Fed rate cut expectations and $4% Treasury yields create mixed conditions for Bitcoin's specula
Trending news
MoreCrypto prices
More
