Share:
  • Bitcoin price witnessed an 8-week decline for the first time in its history. 
  • Leading on-chain analyst Plan B has noted key indicators that point towards the end of the current bear market. 
  • Analysts have identified a short-term triangle formation in Bitcoin that could trigger a bullish breakout over the weekend. 

Bitcoin price suffered a massive decline in the recent bloodbath. While most analysts predicted further decline in Bitcoin price, there is a chart pattern that implies a bullish breakout. 

Plan B predicts recovery in Bitcoin 

In the recent Bitcoin bloodbath, BTC price plummeted below $30,000, a key psychological barrier for the asset. With Bitcoin’s consistent decline, proponents have noted that the current 8-week fall is the first of its kind in the asset’s history. 

Plan B noted key indicators that imply a bullish turnaround in Bitcoin price. The Relative Strength Index (RSI) is an oscillator that provides information about an asset being overbought or oversold. 

Plan B notes that RSI currently indicates that the bear market is almost over and Realized Price/Moving Average (RPMA) and the Relative Strength Index are ready to start rising again. 

While legendary investor Peter Brandt predicted a colossal 90% drop in Bitcoin and altcoin prices, Plan B argues a trend reversal in BTC is likely. 

Bitcoin is ready to wipe out its losses following an 8-week losing streak. Bob Loukas, trader and entrepreneur believes Bitcoin is primed to recover. The analyst is confident that Bitcoin price will not lose its $28,500, lower support despite retest. 

If Bitcoin price trades above $31,500, Loukas believes it would quickly rally to $37,000. 

While Bitcoin holders anticipate the asset’s next move, analysts have identified a short-term triangle formation in the BTC price chart. The triangle chart pattern would play out over the weekend, and leading technical analyst Yaz Sheikh believes buyers could defend June 2021 lows and push the asset above $30,000. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Bitcoin price could retrace to $42,000 if US Nonfarm Payroll comes in at 180,000

Bitcoin price could retrace to $42,000 if US Nonfarm Payroll comes in at 180,000

Bitcoin price just like other assets, is highly impacted by the macro-financial developments. This includes the Nonfarm Payrolls (NFP) report released by the BLS of the United States. This time around, the NFP data is expected to cause a dip in the value of BTC.

More Bitcoin News

Ripple is now only 3% away from becoming a bigger entity than Binance Coin

Ripple is now only 3% away from becoming a bigger entity than Binance Coin

Ripple has overcome a lot of obstacles on its way to becoming the world’s fifth-largest cryptocurrency, as witnessed by the recent rise in XRP price. The native token of the world’s biggest crypto exchange, Binance Coin, on the other hand, has been moving in the opposite direction.

More Ripple News

Ethereum leads altcoins north as Bitcoin halts amid bull trap fears

Ethereum leads altcoins north as Bitcoin halts amid bull trap fears

Ethereum (ETH) price remains northbound, unrelenting despite the king of cryptocurrency, Bitcoin, showing weakness. Behavior analytics tool Santiment observes that Ether and altcoins are on a tear even as BTC momentum fades.

More Ethereum News

BTC headstrong as Spot ETF talks reach technical stage

BTC headstrong as Spot ETF talks reach technical stage

Bitcoin remains steadfast on the higher timeframe, amid news that spot BTC exchange-traded funds (ETF) discussions are now at the technical stage of approval. Specifically, talks with Spot BTC ETF issuers have advanced to key technical details, with Reuters indicating that it could signal a shift toward a potential approval.

More Cryptocurrencies News

Bitcoin Weekly Forecast: BTC uptrend capped by supply barrier at $43,860 as FOMO fails to suffice

Bitcoin Weekly Forecast: BTC uptrend capped by supply barrier at $43,860 as FOMO fails to suffice

Bitcoin (BTC) price uptrend has sustained since mid-September on the weekly timeframe but has since slowed down following the lack of tailwinds to drive the market. All along, narratives, themes and speculation were the driving factors, inspiring a wave of fear of missing out (FOMO) in the market. As it turns out, FOMO is not enough anymore.

Read full analysis

BTC

ETH

XRP