Bitcoin (BTC) is currently moving sideways in the $38k-40k range after rebounding again from the strong support level in the last two days. With Bitcoin investors being skeptical over whether to buy at current levels or wait for a further dip, PlanB, the creator of the popular Stock-to-Flow (S2F) model, noted that the token’s realized price is near the 200-week moving average (WMA).
Bitcoin (BTC) Price Approaches 200-Week Moving Average
PlanB has said in a tweet recently that Bitcoin’s (BTC) realized price is near the 200-week moving average. Interestingly, the 200-week moving average heatmap is a key indicator by PlanB that predicts when the BTC price has bottomed out. In the last two bitcoin market cycles, the BTC price had bottomed out around the 200-week moving average.
Meanwhile, the Bitcoin realized price near the 200-WMA indicates when a massive rally in Bitcoin can be expected. Historically, in 2016-end and mid-2020, the Bitcoin price rose massively after realized price reached the 200-WMA level. This could be the third time when a massive bullish rally could be seen from the current levels, as the realized price is near the 200-WMA again.
Bitcoin 200-Week Moving Average Heatmap can be easily used to predict BTC price. Orange and red dots indicate a good time to sell Bitcoin as the market overheats. Whereas, purple and blue dots near the 200-week moving average have historically been good times to buy.
BTC Price Builds Bullish Momentum
Bitcoin price has rallied significantly higher after the recent bloodbath in the crypto market. At the time of writing, the BTC price is up nearly 5% in the last seven days and 2.5% in the last 24 hours. The price is currently trading at $41, 579.
Trending Stories
Moreover, the Bitcoin whales have utilized the ‘Buy The Dip’ opportunity to accumulate Bitcoin. The Nasdaq 100 index, which BTC tracks closely, has also risen over the past two days. It points to an upcoming Bitcoin rally, however, retail investors should wait before whales confirmed bullish momentum.
- Just In: Amid Crash, Market Expansion Could Boost This Stablecoin
- This Stablecoin’s Market Cap Skyrockets Amid FUD In Tether, UST
- Will DeFi Giant Lido Support The Terra Reboot?
- Sandbox (SAND) Jumps 16% Ahead Of Listing On This Top Exchange
- Is Do Kwon’s Terra Recovery Plan Part Of A “Kill Switch” Protocol?
- This Top-50 Crypto Jumped 28% This Week Despite A Market Crash
- Goldman Sachs: Crypto Drawdown Will Have Little Impact on U.S. Economy
- Just-In: Ethereum Merge Most Likely In August, Says Vitalik Buterin
- Beware, Bitcoin Jumping Back Above $30,000 Could Be A Dead Cat Bounce, Here’s why
- Terra Ecosystem Announces Some Key Amendments to Its Revival Plan
- Bitcoin Price Analysis: BTC Price Strikes $30000; Breakout Or Fakeout?
- TRX Price Analysis – Another Bullish Attempt For $0.075 Breakout
- KuCoin Price Analysis: Low Volume Rally Hints Pullback Opportunity in KCS
- Polkadot Price Analysis: Bull Trap May Drag DOT Price To $7.3 Mark
- APE Price Analysis: Triangle Breakout Eyes 55% Rise in APE
- Ripple Price Analysis: XRP Price Remains Pressured Below $0.45
- EGLD Price Analysis: Decreasing Volume Hints EGLD to Reverse from $75
- Cardano Price Analysis: ADA Price Prepares For 22% Jump; Are You Holding?
- Bitcoin Price Analysis: BTC Price Holds Above $30,000; Opportunity To Buy?
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000