Institutions should start buying Bitcoin (BTC) again, leading analyst PlanB has said as one exchange sees a fresh $250-million withdrawal.
In a tweet on Tuesday, PlanB argued that conditions were now right for buyers to continue accumulating BTC with confidence.
PlanB: “Probably time” for Q2 buying
BTC/USD had seen a lack of momentum over the weekend, culminating in a dive to near $56,000. With resistance near all-time highs of $61,700 now at its lowest since the time that level was first reached, it may now pay to be bullish.
In addition, multiple on-chain indicators suggest that sellers are exhausted. This capitalizes on an existing narrative that favors hodling, not short-notice trading or selling, as the prime strategy for Bitcoin investors.
“Now that all Pi-cycle, Wave, Rainbow and NUPL fans have sold their bitcoin, it is probably time for institutions to resume buying into Q2,” PlanB wrote, highlighting four indicators.
Of these, the so-called “Rainbow” price chart, which categorizes spot price in terms of investor sentiment,