In this market cycle, the bitcoin price has already made some interesting turns. Following the recent correction to the $ 45,000 level, there has been a quick return to resistance at $ 48,000, so bullish sentiment continues to prevail among traders.
They are supported by institutional demand and anticipation of further demand as Twitter has also expressed interest in buying bitcoins.
Traders are confident that Bitcoin is once again on an upward trend, although Cryptanalyst Plan B believes that at this stage of the market price cycle, a drawdown of up to $ 40,000 will be considered the norm.
For example, there were more than 7 drawdowns on the way to ATH in the 2019 cycle, but this will not prevent Bitcoin from heading towards the $ 100,000 level from April to September 2021.
In addition to the Plan B model and its predictions, other indicators that indicate a steady rise to $ 100,000 are the balances of bitcoin whales and the number of active addresses. For example, wallets with a balance of more than 1,000 bitcoins are growing by 5% per month for the third month in a row.
In addition, the supply crisis is intensifying on spot exchanges, and the outflow of coins is growing steadily, and the inflow is extremely far from peak values. Thus, the balances of bitcoins on exchanges are steadily decreasing to $ 2.3 million. All this is quite capable of ensuring the growth of BTC to $ 100,000 by the end of the year.
