Bitcoin Bull Market Kicked Off At The Beginning Of 2023; Strength Indicators Ahead

It’s been just revealed that the popular analyst PlanB said that the recent Bitcoin rally is not the bull trap that lots of investors have been claiming it to be. Check out the latest reports about all this below.

The year 2023 kicked off with a Bitcoin bullish market, and the experts’ prediciotns are extremely optimistic for the rest of the year as well.

Accoridng to the latest reports, it seems that the popular quant analyst PlanB said recently that the recent Bitcoin (BTC) rally isn’t the bull trap many investors have been warning about.

PlanB recently said on Twitter that several benchmark indicators are suggesting that what many believe is a bull trap is in fact the start of a new bull cycle.

“To be clear, in my opinion current Bitcoin pump is not a bull trap but the (early) start of the next bull run.”

Plan B says that an upward move of the Relative Strength Index (RSI) is in fact, showing nothing else but the bullishness for Bitcoin, even though the RSI remains at the historic lows seen in both 2015 and 2019.

“Bitcoin is getting stronger (RSI).”

He also explained the fact that the historic price correlation between the S&P 500 index and Bitcoin shows the king crypto asset has more room to climb.

“BTC playing catch-up with S&P (S&P implied BTC price $54,000).”

The analyst continued and explained the following:

“BTC has been correlated with S&P (and other assets) from the start. The difference is that if S&P jumps, BTC jumps much much harder. In the chart below S&P jumps from roughly 1,000 to 4,000, while BTC jumps from roughly 1 to 20,000.”

At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $21,230. Stay tuned for more news from the crypto space.