The Bitcoin price tested support at $ 10,500 on September 4, after its latest upward movement began to stabilize.
Bitcoin is preparing for the next cycle. Data shows that BTC / USD dropped from a maximum of about $ 10,750, moving around $ 10,520 on Wednesday, still almost 10% green compared to the start of the week.
Markets responded well to new gains that turned past bearish sentiment, claiming an imminent decline to $ 8,000. Now, against the backdrop of continuing technical force, analysts suggest that the climate is well suited to further upward movements. “Plan B”, the Twitter account is known for its analysis of the stock-to-flow ratio of Bitcoin, concluded that the current conditions signal the start of a new bullish market.
#bitcoin: clear for take off 🚀 pic.twitter.com/7nKPwWnmzt
— PlanB (@100trillionUSD) September 3, 2019
He announced on Twitter that Bitcoin is ready to take off by uploading a 200-week moving graph.
This particular metric is important for PlanB, as the bottoms above this line coincide with the start of the Bitcoin price climb to new highs.
On Wednesday, most tokens in the top 20 cryptocurrencies by market capitalization were completely flat, moving less than 1% up or down. Ethereum, the largest altcoin, fell by a tiny 0.35%, sitting at $ 177 at the time of writing. Others, such as Bitcoin Cash, Litecoin (LTC) and NEO (NEO), made modest profits.