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Buy more Bitcoin, analyst tells institutions as $257M in BTC leaves Gemini

Stock-to-flow creator PlanB suggests that now is the time to continue accumulating, with selling pressure fading fast.
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 buyingBTC/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, highly favored hodling this week, as well as buying more BTC at current prices. An interesting comparison is with the top of the two previous bull markets in late 2013 and late 2017. Then, Rainbow signaled a bubble-like top forming, with the implication that hodlers should take profit. Since current readings are far from such a peak, the indicator suggests that the current price gains still have a long way to go …
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