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Is Bitcoin's macro upward journey over? PlanB says no.
Bitcoinâs price seems to have stalled below $60,000 after attaining new all-time highs earlier in March. PlanB, a crypto analyst active on Twitter, thinks Bitcoin (BTC) may still have a lot of room to gallup however.Â
âIMO we are only ~4 months into the bull market and nowhere near the end of it,â PlanB tweeted on Friday. âBitcoin is just getting started,â he added, showing Bitcoinâs current path on one of his Stock-to-Flow charts. Multiple Stock-to-Flow models exist for Bitcoin which show Bitcoinâs price path in line with its halving events and supply over time.
YouTuber and derivatives trader Tone Vays also carries a bullish macro view, although he thinks a dip lower for Bitcoin is not out of the question.
âBitcoin is consolidating but I remain bullish in this market,â Vays told Cointelegraph. âWhile it is still possible for bitcoin to make a lower low for the month in the $48k range, I believe we will go up to above $70k before June,â he added.
After trading past $61,000 this month, Bitcoin retraced down near $50,000. For the most part, the drop occurred over roughly two weeks, with some relief bounces mixed in, rather than in a straight, single-day $10,000 shot downward. Based on TradingView data, BTC holds a price of $54,550 at time of publication, looking back on a day of overall upward price action.
Meanwhile, other crypto assets continue to make headlines in the price category as well.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.