If we can believe the popular Dutch analyst PlanB, Bitcoin is on the verge of a meteoric rise. For that reason, the analyst also calls that this period is the last chance to buy Bitcoin under $70,000. He speaks on Twitter of “2017-esque vibes.”
Fourth red dot for Bitcoin
At the time of writing, Bitcoin is recording its fourth red dot on PlanB’s chart. The Bitcoin price in 2017 was around $1,200 at the time of that dot in the graph. In the same year, Bitcoin managed to rise to the price level of 20,000 dollars.
Furthermore, PlanB also looks at different variants of the realized price of Bitcoin. This indicator essentially measures the prices at which certain cohorts of investors have entered.
PlanB shows three different variations of this metric (5 months, 2 years, and total realized price). Bitcoin is currently trading above all three of these indicators, which according to PlanB means we won’t be trading at these prices for much longer.
“Is this the last chance to buy Bitcoin under $70,000?” PlanB wonders.
Bitcoin could go “vertical” later in 2024
Based on the historical correlation between Bitcoin miners’ turnovers and price action, the digital currency could go “vertical” later in 2024. This would also mean that the miners’ turnover would recover from the blow caused by the halcing.
“Historically, Bitcoin miner revenues recover 2 to 5 months after the halving. After that, the Bitcoin price goes vertical,” according to PlanB.
There is currently no vertical phase. Bitcoin is in the red by 0.50 percent today and is trading at a price of $ 66,700.
After last week’s recovery, the price appears to be running into resistance around this level. If the bulls manage to eat them, there may be more in store for the digital currency.
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Source: https://newsbit.nl/planb-laatste-kans-om-bitcoin-onder-de-70-000-te-kopen/
