Crypto Analyst Says Major Bottom Signal Flashing for Bitcoin As It Aims For $21,000 – Bitcoin (BTC/USD)

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Quantitative cryptocurrency analystPlanBrecently said that the crypto market volatility seems to be moving towards a new market cycle, and Bitcoin BTC/USD is bottoming out.

He noted that more than half of Bitcoin in circulation is now in a state of profit. According to him, coins in profit going from 50% to over 60% is a solid bottoming signal.

No technical analysis needed with this chart! pic.twitter.com/Dxg7b0IqU1

PlanB (@100trillionUSD) October 30, 2022

Further, he pointed out that BTCs RSI is at historic lows, suggesting that Bitcoin is deeply undervalued.

More bottom signals: >60% of all #Bitcoin is in profit pic.twitter.com/JXCmlI0F2t

PlanB (@100trillionUSD) October 27, 2022

Lastyear, around this time, he predicted that BTCwould see a hyperbolic surge and would outperform all other assets in 2022.

#bitcoin RSI will not stay low forever! pic.twitter.com/6dfaBWhFgS

PlanB (@100trillionUSD) October 28, 2022

Also Read:Crypto Analyst Who Correctly Predicted Bitcoin Would Retreat To $21K Now Has This New Alert

At the time of writing, Bitcoin was trading at $20,680, up by 6.34% in the last seven days.

Earlier this week, crypto analytics firm Glassnode said that Bitcoin is forming a bear market floor.

The crypto analytics firm said, Throughout the capitulation in early 2022, the accumulation trend score indicates significant accumulation by large entities has taken place, as well as the seizure of the recent bear market rally to $24,500 for exit liquidity.

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