PlanB Believes New Bull Market Will Start After 7 Red Bitcoin Candles

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There’s a first time for everything, even disaster you didn’t think were possible (as the famous James Franco meme is set to remind us). Multiple traders are feeling positive and upbeat again after seeing Bitcoin close another red candle for the week. That marks the first 7-week losing streak since Bitcoin’s inception in 2008 they say, and thus as from now the only way is up.

PlanB, the anonymous Dutch quant who invented the, now famous, Stock to Flow model of Bitcoin, stated we are forming a bottom and that a next leg up is beginning shortly.

As CryptoKaleo, the trader with half a million followers told us already this weekend:

Just a reminder – there have NEVER been eight consecutive red weekly candles in Bitcoin’s history. NOT ONCE in 13 years. BTC is 30 hours away from closing its seventh consecutive red weekly candle. I know this may seem crazy, but pretty good odds next week will be green.

Just a reminder - there have NEVER been eight consecutive red weekly candles in Bitcoin’s history.

NOT ONCE in 13 years.

BTC is 30 hours away from closing its seventh consecutive red weekly candle.

I know this may seem crazy, but pretty good odds next week will be green.

— K A L E O (@CryptoKaleo) May 14, 2022

PlanB, the anonymous Dutch quant who created the Stock to Flow model of Bitcoin which even the Wall Street Journal is now using to predict crypto prices, agreed with this sentiment on Twitter yesterday, claiming that we’re in the midst of forming a bottom and that a new bull market will start.

Dec 2021 I was still hoping for a 2nd leg of the bull market. But in Q1 2022 it became clear that this bitcoin bull market was over. We entered a bear market since Apr 2021 peak (yes ATH was Nov 2021). Now we are creating a bottom. Then a new bull market will start. BTC cycles. pic.twitter.com/cPpAnNCklx

— PlanB (@100trillionUSD) May 16, 2022

He stated:

Dec 2021 I was still hoping for a 2nd leg of the bull market. But in Q1 2022 it became clear that this bitcoin bull market was over. We entered a bear market since Apr 2021 peak (yes ATH was Nov 2021). Now we are creating a bottom. Then a new bull market will start. BTC cycles.

Very positive sentiments of course, but it remains to be seen whether or not they’ll be right. There’s a first time for everything.