According to quant analyst PlanB, there is an indicator that Bitcoin (BTC) is poised for an accelerated bull market.
In a new strategy session on YouTube, PlanB tells its 51,600 subscribers that Bitcoin’s realized cost price, which is the average value of BTC supply calculated at the price at which the coins were last moved, signals that a likely more pronounced bull market is underway.
PlanB says price moves above the two-year realized cost price have historically indicated large upside moves.
“The most important thing we see is that the bitcoin price, the red dots, has exceeded the realized cost price for two years and has already exceeded the realized cost price and the short-term five-month cost price. So now it’s something new… It’s surpassed the price it’s achieved in two years, and that’s an important signal. Of course, the month isn’t over yet, so we’ll wait and see how it goes [June] closes.”
Source: PlanB/YouTube
PlanB also notes that realized cost prices are all increasing together after years of stagnation.
“Historically, a close above the two-year realized price has been a bull market signal [was about to] accelerate. Same here for 2016 and 2019, which was a bit of an odd year with the Covid black swan…
So it’s very interesting, and something else is also very interesting: the realized price, the black line, and the two-year realized price, the blue line, have started to rise again for a long time. I think it’s been going down for like a year and now in the first month it’s going up again and then it gets really interesting so we’ll have to see what bitcoin will do.”
At the time of writing, Bitcoin is trading at $30,183.
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