New data shows that Bitcoin (BTC) speculators who expect a 35% fall in the BTC price can wait forever.
In a tweet dated September 22, a quantitative analyst PlanB indicated that Bitcoin will kick the habit if it falls below $ 6700.
PlanB tracks the historically low BTC price
PlanB referred to the 200-week moving average (200MA) of BTC / USD. 200MA, popular in its currency, has never broken through during bearish bitcoin price developments.
As of Tuesday, the level is equal to $ 6700 and continues to rise to around $ 200 per month.
As long as historical behavior has continued since Bitcoin’s 200th week, $ 6700 will now be the final price cap.
“BTC 200WMA never goes down. BTC’s monthly closing has never been below 200 WMA, ”PlanB confirmed earlier in September when the figure reached $ 6,600.
He added that in March 2017, Bitcoin saw a “battle” to cross the important $ 1000 mark forever. But after success by the end of the year, it reached a record high of $ 20,000.
Meanwhile, the Cointelegraph pointed out this month that basic purchase support from whales looks much higher at $ 8,800.
93% optimistic about the bitcoin price in 2020
Cointelegraph also reported that PlanB recently asked BTC / USD to start climbing to $ 100,000 as part of the research. His family of bitcoin price prediction models has poured stocks into a very optimistic stream of predictions for the current four-year half-year ending in 2024.
Bitcoin should be in line with the average trade of $ 288,000 then – more “volume orders” than there are now, but so far the stock-to-power ratio has shown BTC price increases with perfect accuracy, and the methodology has not done so. has not yet been denied.
Meanwhile, a review of the future Bitcoin price movement released after the 200MA update received 14,000 responses.
The majority – 59.1% at the time of publication – are optimistic about Bitcoin next year and also prefer BTC over other cryptocurrencies. In total, 92.8% of the respondents were bullish on Bitcoin / USD.