Bitcoin Bull Market May Be Forming, Says Crypto Expert

In a recent video PlanB highlighted the convergence of two key 200-week means as a sign that Bitcoin may be primed for an explosive uptrend.

Convergence of 200-Week Means Signals Possible Bullish Breakout

PlanB explained that the 200-week arithmetic and 200-week geometric means are currently close together on Bitcoin’s price chart, a rare occurrence that often precedes a significant price rally. According to the analyst, when these two lines are near each other, it signals that a bull market may be forming.

The analyst pointed out that in previous instances, such as in 2020 and 2017, the convergence of these two means was followed by major upward price movements. In particular, he referenced the end of 2020 and the start of 2017, when the convergence of the two lines signaled the start of explosive Bitcoin price surges.

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PlanB noted that in past years, significant crashes or bear markets occurred when the arithmetic and geometric means diverged. He referenced the market downturns in 2021 and 2022, as well as in 2018, when there was a large gap between the two lines. In contrast, the periods of convergence were followed by major bull runs.

“The big crashes here [in 2021 and 2022] are happening when there’s a diversion between the two lines. Also, here in 2018, there was a big gap between the two [means]. Same here in 2014 and 2015,” said PlanB, reinforcing his belief that Bitcoin’s price could be gearing up for a significant rally.

With the two means now converging, PlanB suggests that this could be the beginning of another bull market for Bitcoin, much like the explosive upward price movements seen in the past when the lines aligned.



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