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For about three weeks now, the price of Bitcoin (BTC) has maintained a steady gait around the psychologically important level above $30,000. Despite the frequent fluctuations and uncertainties on the market, Bitcoin has remained resilient, pushing top analysts and creators of the stock-to-flow (S2F) model PlanB to predict that the bear market might be over.
Taking to his official Twitter handle, PlanB congratulated his more than 1.8 million followers for surviving what he termed the "worst Bitcoin bear market ever." The tweet was accompanied by a Bitcoin 200-Week Moving Average, which shows a consistent uptrend and the Bitcoin price currently closing above the trendline.
Congrats, you have survived the worst #Bitcoin bear market ever! pic.twitter.com/YMfHF59wY4
— PlanB (@100trillionUSD) July 12, 2023
Bitcoin fundamentals
The sustenance of this support at the $30,000 level has shown a lot of conservative investors that the negative volatility associated with the Bitcoin ecosystem might be over.
This confidence is reinforced by a number of positive fundamentals associated with the digital currency. For instance, MicroStrategy has continued with its accumulation of the premier digital currency as a vote of confidence to other Wall Street firms, which may be considering making similar moves.
Over the past few weeks, there has been a reboot of interest in spot Bitcoin Exchange Traded Funds (ETFs), with new hype being fueled by American investment manager BlackRock Inc. The filing for the spot Bitcoin ETF by BlackRock was trailed by firms, including Fidelity Investments and Invesco, most of whose previous applications were denied by the U.S. Securities and Exchange Commission (SEC).
The latest bouts of filing were invalidated by the SEC for being inadequate, but some of the firms exploring this product have refiled their applications and inked a surveillance-sharing agreement with Coinbase Global Inc in hopes that the current modifications will be deemed sufficient by the SEC.
The confluence of these positive trends, coupled by the technical indicators, have pushed PlanB to sound optimistic that this bear market is over.
Arman Shirinyan
Alex Dovbnya
