Summary
- PlanB said Bitcoin (BTC) has entered a bottoming phase and could see further declines over the next one to three months.
- Bitcoin trading below its Realized Price is generally interpreted as a signal that the market has entered an excessively undervalued phase.
- PlanB added that the market is in the early stages of forming a bottom and that investors should conduct sufficient research on their own before making investment decisions.
Forecast Trend Report by Period
Bitcoin has entered a bottoming phase and may face further declines over the next one to three months, digital-asset analyst PlanB wrote.
In a post on X, formerly Twitter, on August 1, PlanB said Bitcoin appears to have begun the process of forming a bottom. That phase typically lasts one to three months, and the token often falls further below its Realized Price during that period.
Realized Price is an on-chain metric that reflects the average purchase price of market participants. When Bitcoin trades below that level, it is generally interpreted as a sign the market has entered a deeply undervalued phase.
Bitcoin ended July at $62,818. PlanB said the market appears to be in the early stages of forming a bottom and added that investors should do sufficient research on their own before making investment decisions.
As of 8:30 p.m., Bitcoin was trading at $63,002, down 1.01% from a day earlier.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.