“It’s time for organizations to buy BTC again”

After $ 250 million worth of Bitcoin (BTC) was withdrawn from an exchange, analyst PlanB said organizations should start buying BTC again.

PlanB, In his post he shared on tuesday He said the conditions are now appropriate for buyers to continue to safely accumulate Bitcoins.

PlanB: “It’s time to buy bitcoins”

The BTC / USD pair did not find the necessary momentum over the weekend and approached $ 56,000. The gradual decrease in resistance near the all-time high of $ 61,700 may allow the coin to rise.

In addition, some on-chain indicators show that seller activity has begun to decline.

Bitcoin Price Index: How much is 1 Bitcoin in TL? (BTC TL)

“With vendors now completing the sale, it may be time for organizations to start buying BTC again as the second quarter of the year begins,” PlanB said.

The “rainbow” price chart, which classifies the spot price according to investor sentiment, gives signals of accumulation and buying from the current price levels this week.

A comparison with the peaks of the bull markets of 2013 and 2017 reveals interesting results. The rainbow chart said that at these peaks, investors should start taking profits. Now, the absence of such a signal means that we are still far from the peak.

BTC / USD Rainbow price chart. Source: Blockchain Center

PlanB’s stock flow price model predicts that BTC will increase to at least $ 100,000 this year and to $ 576,000 by 2024.

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