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Quant analyst PlanB has observed patterns in Bitcoin (BTC) similar to those seen in 2017, suggesting a potential price surge. PlanB, a well-known figure in the crypto world, shared with his 1.9 million followers on X (formerly Twitter) that Bitcoin appears to be four months into its bull market. He highlighted this with the appearance of four red dots on his chart, a sign reminiscent of the 2017 bull run, when the price of the world’s flagship cryptocurrency went up almost 20x.
In 2017, Bitcoin was trading around $1,200 at the fourth red dot. It skyrocketed to nearly $20,000 by the year’s end. PlanB’s current analysis points to a similar trajectory for Bitcoin now.
PlanB is also examining different variations of Bitcoin’s realized cost price indicator. This indicator measures the value of Bitcoin based on the price at which coins were last transacted. His chart displays three variations of this metric: the five-month, two-year, and total realized cost price of BTC. All these metrics currently show Bitcoin’s price above them, indicating a bullish trend.
“Last chance to buy Bitcoin below $70,000?” PlanB suggests, hinting that the current trading levels might not last long.
Moreover, PlanB points out the historical link between miner revenue and Bitcoin’s price movements. After each halving, miner revenue typically rebounds within two to five months. Following this recovery, Bitcoin prices tend to surge dramatically.
“Historically, Bitcoin miner revenue recovers two to five months after a halving, and after that Bitcoin price goes vertical,” he noted previously.
The analyst then strengthened his prediction on a possible price uptick by adding that “Halvings are key to Bitcoin.”