The patience of Bitcoin (BTC) investors is currently being put to the test. The Bitcoin price has been largely between $60,000 and $70,000 for months, while many had their sights set on the start of a new bull market.
Well-known Dutch Bitcoin analyst PlanB compares the time-consuming price action with that of 2020 and emphasizes the importance of patience when it comes to investing in Bitcoin. When could the fireworks possibly start again?
Bitcoin ‘2020 vibes’
PlanB, which has gained enormous fame worldwide thanks to its Stock-to-Flow (S2F) model, made itself heard again yesterday on social media platform X.
He told his 1.9 million followers that he is loving this phase of the bull market, “where some people are getting impatient, and others even think the bull market is over.” He also draws a comparison with 2020, the year of the previous Bitcoin halving.
In 2020, the patience of many Bitcoin and crypto investors also ran out after the price showed little sign after the famous halving.
The halving is considered the catalyst for a new bull market. This has to do with historical price data, but also classical supply and demand theory. The halving reduces the supply of available Bitcoins.
With this in mind, time is running out for many crypto fanatics. After all, the Bitcoin halving has already been behind us for two months, and the price has not shown much performance recently.
BTC bull market around the corner?
The well-known analyst PlanB seems far from concerned at the moment. He is known as a huge Bitcoin bull who has also been in the industry for many years. The former institutional investor firmly believes in the 4-year halving cycles and knows better than anyone that it takes time before the halving exerts its influence on the underlying price.
For example, in 2020, it took a whopping 5 months for Bitcoin to start its explosive price rally after the halving. There was little movement in the price in this time frame, to the frustration of many.
Even in previous cycles, it always took several months for the price to kick off a new bull market after the halving. Of course, data from the past does not provide any guarantee for the future, but it can certainly provide investors with guidance.
For the time being, there appears to be little reason for concern regarding BTC’s current price action. Time will tell whether BTC will shine again within the next few months, just like in the past.
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Source: https://newsbit.nl/planb-vergelijkt-saaie-bitcoin-koers-met-2020-mensen-worden-ongeduldig/
