Analyses of Bitcoin’s trajectory are the focus of those monitoring the cryptocurrency world. Recently, renowned analyst PlanB claimed that Bitcoin’s current state resembles the period before the meteoric rise in 2017, causing a significant stir in the industry. PlanB told his 1.9 million followers that BTC is currently in the fourth month of a bull market, indicated by four red dots on his chart.
Similarities to 2017 Present in Bitcoin Price
The analyst, focusing on similarities to 2017, recalls that Bitcoin was trading at $1,200 based on market value at that time but surged to $20,000 by the end of the year. These similarities are enough to raise questions in investors’ minds.
PlanB’s analysis includes not only the price but also different variations of the realized cost price indicator. His chart shows three variations of this metric, including the five-month, two-year, and total realized cost price of BTC.
The Bitcoin price, which is above all these metrics, is a significant indicator in the analyst’s view, suggesting that BTC might be experiencing its final days at current levels.
Vertical Movement Possible by End of 2024
However, PlanB’s analyses cover not only the current situation but also the future. Based on the historical correlation between miner revenue and price movement, the analyst suggests that Bitcoin should go “vertical” towards the end of 2024 as the sector’s revenue recovers from the halving. This claim could be a beacon of hope for the future and excite investors.
But like any analysis, PlanB’s views are open to debate. Making a precise prediction about Bitcoin’s future performance is challenging because the cryptocurrency market is highly volatile and unpredictable. However, the analyst’s large following shows significant interest in his analyses, which could have a notable impact on the industry.
Among cryptocurrency analysts, there are many different opinions about Bitcoin’s future, and PlanB’s analyses hold a noteworthy place among these views. However, the most important thing for investors will be to closely monitor the market and make decisions that align with their risk tolerance. At the time of writing, Bitcoin is trading at $66,847.
