By Nermeen Nabil Khear 
The popular crypto analyst PlanB believes Bitcoin (BTC) may not see a market correction until after breaking into the six-figure range due to one key metric.
The pseudonymous trader tells his 2 million followers on the social media platform X that Bitcoin holders appear to be selling ahead of a possible $100,000 price target.
According to the analyst, the Bitcoin profit-taking may actually mean a significant dip at the six-figure target will not occur.
“Who sells Bitcoin now? Easy: sellers are profit-takers. On average November sellers sold at more than 60% profit (red) with a cost price of $55,000. I guess people expect a dip at $100,000 and are front-running that expected $100,000 dip. This might mean there won’t be a $ 100,000 dip!”
The realized return is a metric that indicates the total profit or loss of a Bitcoin investment based on the price at which the coins were last moved.
Next up, the analyst says that Bitcoin’s relative strength index (RSI) – a momentum oscillator used to analyze whether an asset is overbought or oversold – has yet to peak based on prior bull market cycles, suggesting the uptrend will continue.
He also shares a chart of the realized price metric, which records the value of all coins in a current time frame at the price they were last transacted on-chain, divided by the number of BTC in circulation. The chart suggests that Bitcoin is holding as support for the two-year realized price level, which the flagship digital asset has held in previous bull market cycles.
“Color in this chart is RSI. RSI is 74 now (yellow/orange). Imagine what RSI 80+ (red) will be like! Two-year realized price (gray line) is increasing sharply, just like at the start of 2013, 2017, 2020/21 bull markets. Two-year realized price is $60,000 now. In bull markets, Bitcoin never dips below two-year realized price.”
Bitcoin is trading for $94,290 at time of writing, about 6% below the $100,000 level.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Don’t Expect a Bitcoin Dip Before Big Break of $100,000, According to Quant Analyst PlanB – Here’s Why appeared first on The Daily Hodl.
The popular crypto analyst PlanB believes Bitcoin (BTC) may not see a market correction until after breaking into the six-figure range due to one key metric. The pseudonymous trader tells his 2 million followers on the social media platform X that Bitcoin holders appear to be selling ahead of a possible $100,000 price target. According
The post Don’t Expect a Bitcoin Dip Before Big Break of $100,000, According to Quant Analyst PlanB – Here’s Why appeared first on The Daily Hodl. Bitcoin, BTC, News
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.