Analysts are keenly observing Bitcoin‘s trajectory, with renowned analyst PlanB drawing parallels between Bitcoin’s current state and its performance in 2017. PlanB recently informed his 1.9 million followers that Bitcoin is four months into a bull market, marked by four red dots on his chart, sparking significant discussions within the cryptocurrency community.
How Does 2023 Compare to 2017?
Focusing on the similarities to 2017, PlanB recalls Bitcoin’s dramatic rise from $1,200 to $20,000 by the end of that year. This historical reference raises critical questions among investors about the potential for similar gains in the current market.
PlanB’s analysis goes beyond price to include variations of the realized cost price indicator, highlighting three versions: the five-month, two-year, and total realized cost prices of BTC. With Bitcoin’s price currently above all these metrics, the analyst suggests that BTC may be nearing the end of its current level’s stability.
Can Bitcoin Surge by End of 2024?
Looking ahead, PlanB’s analyses point to a potential “vertical” movement in Bitcoin’s price towards the end of 2024. This prediction is based on the historical correlation between miner revenue and price movement, suggesting that the recovery in sector revenue post-halving could drive significant price increases, fueling investor optimism.
Key Takeaways for Investors
– Bitcoin is currently in a four-month bull market stage.
– Historical trends suggest potential for significant price gains.
– Variations in realized cost price indicators are critical metrics to watch.
– Recovery in miner revenue post-halving could drive future price increases.
– Volatility and unpredictability remain inherent in the cryptocurrency market.
While PlanB’s insights are influential, they are subject to debate given the inherent volatility of the cryptocurrency market. Investors must stay vigilant and make decisions based on their risk tolerance. As of the latest update, Bitcoin is trading at $66,847.