Metric analysis

Bitcoin Analyst Plan B Shares Bullish Metric Amid Carnage

Vladislav Sopov

One of the most renowned Bitcoin (BTC) bulls brings some hope amid accelerating bloodshed

Content

  • Bitcoin (BTC) has never been at $30,000 with such incredible RSI: PlanB
  • Crypto Market Cap Targets Yearly Lows

Legendary Bitcoin (BTC) researcher and analyst PlanB (@100trillionUSD), author of the BTC valuation “Stock-to-Flow” model and $1,000,000 price prediction, is certain that Bitcoin (BTC) is currently oversold.

Bitcoin (BTC) has never been at $30,000 with such incredible RSI: PlanB

Mr. PlanB took to Twitter to share the motivation of his “hopium” as the exhausting carnage of the cryptocurrency market shows no signs of slowing down.

It’s time for the hopium. We have been in the 30k-60k range for 1.5 years now. But the first time we were at 30,000 (December 2020), BTC was overbought (Weekly RSI ~90). Second time at 30,000 (July 2021), the BTC market was neutral (RSI ~50). Now, at 30,000, BTC is oversold like the fear peak of March 2020 (RSI 34).

He noticed that Bitcoin (BTC), the flagship cryptocurrency, has remained in the $30,000-$60,000 range for over 18 months. However, Bitcoin (BTC) hit the $30,000 threshold with different sentiment from traders.

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According to the Relative Strength Index, or RSI – an old technical analysis indicator that shows the “momentum” of a particular price and indicates whether it is “oversold” or “overbought” – Bitcoiners have broken through the level of $30,000 in December 2020, surrounded by bullish euphoria.

In July 2021, Bitcoin (BTC) touched this level with a “neutral” RSI while nowadays it is in “oversold” territory.

PlanB pointed out that two years ago, the “Black March” was the last time Bitcoin (BTC) was so oversold.

Crypto Market Cap Targets Yearly Lows

As covered by U.Today previously, Bitcoin (BTC) and all major altcoins are in the red zone today. The selloff was amplified by the US inflation report.

Bitcoin (BTC) briefly slipped below $30,000 while the net crypto market capitalization is below $1.38 trillion. A year ago, on May 10, 2022, this metric posted its all-time high at $2.97 trillion.

However, the Crypto Fear and Greed Index managed to add a point and reached the 12/100 level, still not managing to escape the “Extreme Fear” zone.