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PlanB Says Bitcoin Bull Market at New Crossroads Following Deep Correction – Here’s His Outlook

Widely followed quant analyst PlanB says Bitcoin’s ( BTC ) latest correction is now raising questions as to whether its bull cycle is on the verge of ending. In a new strategy session, PlanB says that while on-chain data suggests Bitcoin remains in a bull cycle, a lack of new all-time highs since January may indicate a bear market is starting to form. “Some questions about the Bitcoin market cycle chart. It is still measuring ‘bull market’ (red) in on-chain data. But as I explain in today’s video, we are at a crossroads.” Source: PlanB/X The analyst says there remains the potential of a V-shaped recovery after Bitcoin’s correction that tapped about $78,000 last week. “In bull markets, we can have multiple dips that are 20% or even 30% minus. However, it was still an unexpected dip. I expected more all-time highs after January’s all-time high and I expected February to be an all-time high as well, above $102,000. So we’re really at the crossroads right now. Either we’ll have a red hot bull market, a continuation of the bull market, or we enter the distribution phase into a bear phase. So what will it be? I don’t know. That’s a big question. Was this the top and is this the start of the bear market, or will we see a V-shape recovery and more bull market action?” Source: PlanB/X Based on historic precedence, the analyst says Bitcoin is likely to rally from current prices and print new all-time highs. “Yes, it has been at this crossroads each and every halving cycle. In all cycles the market has chosen bull/FOMO (fear of missing out) from here, but we have had only four cycles, not really enough to say something statistically sound. Fingers crossed for this fifth cycle.” Bitcoin is trading for $84,377 at time of writing, down 6.5% in the last 24 hours. Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: DALLE3 The post PlanB Says Bitcoin Bull Market at New Crossroads Following Deep Correction – Here’s His Outlook appeared first on The Daily Hodl . AMB Crypto

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IMF Requests New Bitcoin Restrictions on El Salvador, Including Ending BTC Purchases With Public Funds

The International Monetary Fund (IMF) is attempting to impose strict restrictions on El Salvador as part of a $1.4 billion loan agreement, targeting the country’s controversial Bitcoin ( BTC ) adoption strategy. Under new conditions in the IMF’s Staff Country Report, El Salvador must halt public sector acquisitions of the BTC, dissolve the Fidebitcoin trust fund by July 2025, and cease operations of its Chivo wallet system. The government must also publicly disclose all Bitcoin wallet addresses and provide audited financial statements for crypto-related entities. President Nayib Bukele, a vocal Bitcoin proponent, pioneered the crypto king’s legal tender status in 2021, making El Salvador the first nation to do so. His administration has actively invested public funds in BTC and promoted the top crypto by market cap’s widespread use. The IMF cited economic stability concerns as the primary motivation for the restrictions, and says that the use of BTC has been “marginal.” “Although crypto-assets have the potential to make payments cheaper and faster, widespread adoption could threaten macroeconomic stability and raise fiscal risks.9 In El Salvador, monetary and financial stability risks have been contained due to Bitcoin’s limited circulation, in a context where the US dollar can also be freely used. The use of Bitcoin as means of payment has been minimal, reflecting Bitcoin’s high price volatility and limited trust in the technology. Meanwhile, the financial sector has no exposure to Bitcoin, and payment of taxes in Bitcoin, which will be prohibited following legal reforms, have been insignificant.” According to the IMF’s report, El Salvador has agreed to cease making government purchases of BTC. “Another important objective of the program is to have no net accumulation of domestic payments arrears (payments obligations overdue by 90 days or more) as part of the process of strengthening public financial management in El Salvador. Hence, we commit not to accumulate net domestic payments arrears by the central government.” Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Featured Image: Shutterstock/Naeblys/Chuenmanuse The post IMF Requests New Bitcoin Restrictions on El Salvador, Including Ending BTC Purchases With Public Funds appeared first on The Daily Hodl . AMB Crypto