While the pseudonymous analyst behind the bitcoin (BTC) stock-to-flow (S2F) model and an on-chain analysis firm are both expressing their bullishness on bitcoin, market sentiment is steadily improving for the number one cryptocurrency.
PlanB, the analyst behind the popular and sometimes controversial S2F model, tweeted yesterday that bitcoin is looking strong with a reading on the popular technical indicator Relative Strength Index (RSI) above 64.
“Bull market confirmed,” the analyst added, while sharing a chart that showed how the RSI has changed over bitcoin’s lifetime.
Commenting on the update from the popular analyst, one user dismissed the tweet by saying “it should already be priced in since it is public knowledge,” while another member of the crypto community argued that there are still few people that really understand bitcoin: “Who understands Bitcoin? Maybe 0.1%. Who understands the Bitcoin halvings? Maybe 0.001%. We are early. Nothing is priced in,” the Twitter user replied.
Meanwhile, according to on-chain analysis firm Glassnode, the bitcoin network’s net unrealized profit & loss has broken into what they call the “belief” zone on the chart. According to the firm’s model, this is the stage of a bull market where traders largely believe in the rally, and it comes before the more extreme phase of the bull market called the “euphoria” stage, which the bitcoin market last entered in 2017.