Key Takeaways
- Bitcoin has remained in a $60K-$70K range for eight months.
- PlanB attributes the flat trend to a pre-halving pump and ETF excitement.
- He expects Bitcoin to rise sharply after the 2024 halving, based on past cycles.
In his latest YouTube update, PlanB discusses Bitcoin’s extended sideways trading pattern in 2024, where the price has remained between $60,000 and $70,000 for eight consecutive months.
Despite historical bull markets showing consistent price increases, this period defies expectations.
He notes that Bitcoin closed September at $63,000, marking the eighth month of this flat range.
Trends
PlanB dismisses long-term manipulation as a cause for the unusual trend, attributing it instead to an early pump caused by excitement over Bitcoin ETFs ahead of the upcoming halving.
Historically, Bitcoin has followed gradual accumulation phases, but this time, it jumped from $20,000 to $73,000 before settling flat. He compares this to a similar pre-halving pump in 2019-2020.
RSI
Using moving averages and RSI (Relative Strength Index), PlanB argues that Bitcoin is still following an upward trajectory, despite the flat price movement.
He suggests large institutional investors are holding back ahead of the U.S. elections in November, waiting for clearer political outcomes.
Summary
PlanB concludes that Bitcoin’s flatline behavior is not unprecedented, with similar patterns observed in previous cycles.
He still predicts a significant price pump following the 2024 halving.
