Experienced cryptocurrency analyst PlanBrecently shared on social media Bitcoin $59,001He stated that the price of (BTC) needs to double in order to enter a new and real bull market. The analyst emphasized that Bitcoin is currently in a bull market, but the price rise has not started yet and the market is following a sideways trend around $ 60,000.
Price Must Double For Bull Market, According To PlanB
PlanB said in a statement, “The market is still moving sideways, the trading range is around $60,000 and I can take a position again from here. Also Bitcoin “It’s a bull market, but the uptrend is not here yet. Miners are still struggling to cope with the problems that came after the block reward halving. Bitcoin’s price needs to double again for the bull market to start.”
Analyst says Bitcoin block reward halving He stated that miners’ profitability was under pressure and that prices needed to increase significantly in order for profitability to become sustainable. He stated that such an increase would alleviate miners’ operational problems and ensure a healthier growth of the market.
Woo Supports PlanB’s View
Famous on-chain analyst Willy Woocommented below PlanB’s tweet. Woo supported PlanB’s view by commenting, “At current BTC prices, only the latest model mining devices will be profitable after the block reward halving. As the charts show, now is generally a good time to buy BTC (and mine with the latest generation hardware).”
The price of Bitcoin is currently struggling to survive the recent block reward halving. Block reward halvings usually reduce the pressure on new supply on Bitcoin, while allowing the price to rise if demand remains unchanged or increases. In this respect, halvings are seen as a significant bullish factor for the cryptocurrency market.
At the time of writing, Bitcoin is trading at $58,649, down 2.34 percent in the last 24 hours. The data is the largest crypto moneyIt shows that the price of has increased by 6.22 percent in the last 7-day period.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
