Bitcoin Outlook: Analyst PlanB Sees Parallels to 2017 Boom 📈
Renowned quant analyst PlanB believes that Bitcoin is showing similarities to its pattern in 2017 before its monumental surge. He shared his insights with his 1.9 million followers on X, highlighting the current stage of BTC’s bull market phase, marked by the presence of four red dots on his chart.
- Bitcoin’s parallel to 2017: PlanB notes that Bitcoin’s current trajectory echoes its path in 2017.
- Bull market phase: BTC is four months into its bull market phase, as indicated by the four red dots on PlanB’s chart.
Bitcoin’s Potential Rally 🚀
As per PlanB’s analysis, Bitcoin was trading around $1,200 when it reached the fourth red dot in 2017, swiftly soaring to $20,000 by the year’s end. Additionally, the quant analyst is exploring various versions of Bitcoin’s realized cost price indicator, which assesses the value of coins based on their last transaction price.
- Realized cost price variations: PlanB’s analysis includes the five-month, two-year, and total realized cost price of BTC.
- Above key metrics: BTC’s current price surpasses all three metrics, hinting at a potential shift from current price levels.
Final Opportunity to Buy Bitcoin Below $70,000? 💰
PlanB also references the historical link between miner revenue and price trends, suggesting that BTC could experience a significant uptrend later in 2024 following the recovery of the industry’s revenue post-halving.
- Historical trend: Bitcoin’s price typically surges after a two to five-month recovery in miner revenue post-halving.
- Current BTC price: At the time of reporting, Bitcoin is trading at $67,105.
Hot Take: Bitcoin’s Promising Trajectory 📈
PlanB’s analysis provides valuable insights into Bitcoin’s current market dynamics and potential growth patterns. By highlighting parallels to the 2017 bull run and identifying key price indicators, PlanB emphasizes the importance of strategic investment decisions in the crypto space, particularly in anticipation of potential price surges.
Source: PlanB on X
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