PlanB Reveals Major Bottom Signal Flashing for Bitcoin

The crypto market is struggling to go forward following recent price corrections. At the moment of writing this article, BTC is trading in the red and the king coin is priced at $20,663.

According to the latest reports, it seems that the popular crypto analyst Plan B says that Bitcoin (BTC) is flashing signals that strongly suggest that the coin is bottoming out and starting a new market cycle.

The pseudonymous analyst recently said that on-chain data is indicating that more than half of BTC in circulation is now in a state of profit.

Plan B’s chart shows a cycle of BTC going from majority in profit to roughly half in profit.

According to the analyst, coins in profit going from 50% to over 60% is a strong bottoming signal.

“More bottom signals: >60% of all Bitcoin is in profit”

Leading crypto analytics firm Glassnode has also reported that on-chain metrics suggest that Bitcoin is forming a bear market floor.

In a recent report, the firm said the following:

“Throughout the capitulation in early 2022, the accumulation trend score indicates significant accumulation by large entities has taken place, as well as the seizure of the recent bear market rally to $24,500 for exit liquidity.”

They continued and stated this:

“At present, this metric suggests an equilibrium (neutral) structure in the market, which remains similar to early 2019.”

In other recent news, there is a new survey from financial services giant Fidelity shows that a majority of institutional investors have already invested in crypto assets.

In a report from Fidelity Digital Assets, a crypto arm of the firm, president Tom Jessop made sure to explain the fact that the industry is in a phase of “institutionalization” as it emerges from a bear market cycle. Stay tuned for more exciting news from the crypto space.