Quantitative analyst PlanB says he’s not concerned about predicting the exact market cycle top of Bitcoin (BTC).
In an interview with Will Clemente, the pseudonymous analyst says that Bitcoin’s current position is not in a bear market nor the “FOMO end of the bull market.” He argues that BTC currently sits somewhere in between, but he’s still not interested in predicting the exact peak of the bull market.
“I’m not interested in the top at all. When we get there, I know it. But I don’t know where it is, I’m not interested in that, because I know it will be probably a one-minute spike, right? I cannot trade it. I cannot sell or buy it at that price level. I’m more interested in the general level – where it moves around.”
PlanB says traders should be on the lookout for a supply shortage to gauge when Bitcoin’s top might be likely to arrive.
“I’m looking at it on an on-chain level, and then you see that shortage building to a moment where it pops. We’re still months away from that popping moment.”
The analyst thinks Bitcoin is still 3-6 months out from its top, and potentially longer.
“I really don’t think a crash is coming. I think we’ll see a bull market that goes on for at least six months and brings us into the $100,000-$200,000 [range].
I wouldn’t even be surprised with $500,000 Bitcoin in early 2022.”
PlanB predicts Bitcoin will surge to at least $98,000 by the end of November and then $135,000 in December.
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The post Here’s What Will Signal the Top of the Bitcoin Bull Market, According to Quant Analyst PlanB appeared first on The Daily Hodl.
