BTC forms Cross of Death, but Planb is still optimistic

The price of Bitcoin has fallen by almost 20 % in the last week, but in the "Worst Case Scenario" from Planb, the cryptocurrency would still reach $ 135,000 by the end of this year

Last week was not a good time for Bitcoin. The Chinese authorities continued their hard action against Bitcoin mining when they extends The prohibition of the province of Sichuan and 6 % of the worldwide hash rate

This could have been a factor that the Bitcoin Prize fell under $ 33,500 yesterday after it had fallen by almost 20 % since its high on Tuesday.

and many investors fear that further losses could be imminent because the Bitcoin-Preischart formed a cross over the weekend. This is the case if the sliding 50-day average falls below the sliding 200-day average and is normally regarded as an indication that a price is about to be crashed.

The Bitcoin modeler and on-chain-analyst Planb This then indicated that this was sometimes a contrary Can be signal. In fact, the last two death crosses for Bitcoin led to a price increase in the fourth quarter of 2019 and in the first quarter of 2020.

The analyst also recommended over the weekend that the distribution of Bitcoin is now much more healthy than at the end of April, which shows that 60% The coins sold in May and June were bought in March and April and sold with loss.

Planb admits that a Bitcoin price weakness is possible until July, its predict for the rest of the year Bullmis. The Worst-Case scenario from Planb for August is a price of $ 47,000 per Bitcoin, followed by at least $ 63,000 in October and a minimum of USD 135,000 in December.

he also > indicated that its best-case scenario consists that Bitcoin is 450,000 to the end of the year will be worth.