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May 3 Bitcoin Price Analysis: Analyst Indicates we are in a Bear Market

Tyler Irvin

Summary: Twitter account PlanB tweeted that we are currently in a bear market as the price for Bitcoin, at the time of writing, sits at $38,360.95, which is down 1.71% in the last 24 hours, according to Bitpush Terminal data. “Technical (RSI) & on-chain (realized) indicators show that #bitcoin went full cycle. We had a bull ...

Twitter account PlanB tweeted that we are currently in a bear market as the price for Bitcoin, at the time of writing, sits at $38,360.95, which is down 1.71% in the last 24 hours, according to Bitpush Terminal data.

“Technical (RSI) & on-chain (realized) indicators show that #bitcoin went full cycle. We had a bull market (top Mar/Apr 2021) and a bear market. In fact we are still in a bear market. Question is: is the bottom behind us (similar to realized in 2012) or yet to come (e.g. RSI<50)?,” the account tweeted.

The account indicated that we had a full cycle with the top of the bull market taking place in March and April of 2021. Now, they predict we are in a bear market, but are unsure if we are on the way up, or if we are going further down.

Shortly after that initial tweet, they posed a question to their followers asking them what they thought the bottom of Bitcoin is going to look like in this bear market. At the time of writing, there were 60,725 votes. Roughly 25% of voters said the bottom was behind us, 36.2% said it will be in the $30,000-$35,000, 26.7% predict it will go lower into the $20,000-$30,000 range, while 11.3% of people thought it would drop below that.

The twitter account with 1.8 million followers, followed up that tweet with a final one in this mini series featuring a graph with the Relative Strength Index (RSI) on the left side and the date on the bottom. They noted that the April RSI closed at 52. They then posed another question, without the pole. “Will we drop below 50 like 2011, 2014 and 2018? Or will the RSI go less deep because the top was not very high (<95)?”

Lastly, they noted if the RSI goes to 45, that would mean Bitcoin would be around the $26,000 mark.

One person that would have voted that the bottom of the bear market is behind us is Twitter account CryptoRover, who fully believes that the bull market is approaching. He pinned a tweet from that he tweeted from April 16 onto the top of his account saying “#BITCOIN BULLRUN 2022 IS ALMOST STARTING! WAKE UP!!!!! This $DXY chart has always indicated when the Bullrun starts or ends.”

This verified account with almost 200 thousand followers, also provided technical analysis and signaled that an uptrend could take place immediately as we are seeing a falling wedge pattern.