Cryptocurrency analyst PlanB, renowned for his tailored Bitcoin (BTC) models, has indicated a bullish expectation for the world’s leading cryptocurrency. He points to a specific indicator suggesting that Bitcoin is ready for an accelerated bull market.
The Importance of June’s Closing Level According to the Analyst
In his latest strategic session on YouTube, PlanB suggested that the realized cost price of Bitcoin – the average value of the supply moved at the last traded price – indicates a probable continuation of a more explicit bull market. The analyst noted that whenever the price surpasses the two-year realized cost value, it always signals significant upward movements. He stated:
The most important thing we see is the Bitcoin price (red dots) exceeding the two-year realized cost price and already surpassing the realized cost price, and already surpassing the five-month short-term cost price. So now, this is something new. It has exceeded the two-year realized price, and this is a significant signal. Of course, the month is not yet over. So we will wait and see at what level and how June will close.
At this point, let us mention that the June closure that PlanB considers important will take place at 03.00 Turkish Standard Time on 1 July.
Realized Cost Price Data Shifts to an Uptrend
PlanB also highlighted that the realized cost price data for Bitcoin started moving collectively upward after remaining stagnant for years. “It’s always a sign that the bull market will accelerate to close above the two-year realized price. This happened in 2016 and with the COVID black swan in 2019. So there’s something else that’s very interesting and very interesting again, the realized price (black line) and the two-year realized price (blue line) have started to increase again for a long time. They were in a downtrend for about a year and are now on the rise again. Things are really getting interesting. So we will have to see what Bitcoin does.” he elaborated.
According to current price data, Bitcoin is trading at $30,340, up 0.28% in the last 24 hours.
