Renowned quantitative analyst PlanB suggests that Bitcoin (BTC) is exhibiting similarities to its 2017 pattern before experiencing a remarkable surge. PlanB, who has a following of 1.9 million on the social media platform X, indicates that BTC is currently in the fourth month of its bull market phase, as shown by the four red dots on his chart. The chart reveals that in 2017, when BTC reached its fourth red dot, it was trading at approximately $1,200, but it swiftly climbed to $20,000 by the end of the year.
Additionally, PlanB examines various variations of Bitcoin’s realized cost price indicator, which measures the value of a particular group’s coins at the price they were last transacted. His chart displays three versions of the metric: the five-month, two-year, and total realized cost price of BTC. The chart also demonstrates that BTC’s price surpasses all three metrics, implying that we may be witnessing the final days of BTC trading at its current levels. PlanB poses the question, “Is this the last opportunity to purchase Bitcoin below $70,000?”
Furthermore, PlanB asserts that based on the historical correlation between miner revenue and price movement, BTC is expected to go “vertical” later in 2024 as the industry’s revenue recovers from the halving event. He notes that historically, Bitcoin miner revenue rebounds two to five months after a halving, and subsequently, the Bitcoin price experiences a steep upward trajectory.
As of now, Bitcoin is trading at $67,105.
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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should conduct their own research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be aware that your transfers and trades are done at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor is it an investment advisor. Please be advised that The Daily Hodl engages in affiliate marketing.
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