Renowned crypto analyst PlanB believes Bitcoin (BTC) is on the verge of breaching a crucial resistance level that has historically marked the start of bull runs.
PlanB, known for its pseudonymous identity, shared its observations with its 1.8 million followers on Twitter.
Analysis of PlanB
PlanB believes that a new bull market could be initiated once Bitcoin surpasses its two-year price point of $29,500. He emphasizes that Bitcoin has consistently traded above all realized prices during previous bull markets, including those from 2017, 2013, 2011, and 2021. Conversely, Bitcoin has remained below its realized prices during bear markets. This historical pattern has caught the attention of traders and investors.
Also Read: Bitcoin (BTC) Price Could Soar 40% in the Coming Weeks – Here’s Why
A key role in PlanB’s analysis is the realized price metric, which calculates the value of all bitcoin tokens based on their purchase price divided by the total number of tokens in circulation. Bitcoin’s current two-year realized price is $29,500.
He suggests that if Bitcoin manages to surpass this level, it could serve as a defining moment for a bull market to begin.
Market expectation is rising
Traders and investors are watching with excitement as bitcoin streaks closer to where it will be in two years time. PlanB’s analysis and predictions carry a lot of weight in the crypto community as he has a history of success in accurately predicting Bitcoin’s price movements. The market is buzzing with anticipation as a break of this resistance level could potentially trigger a new bull market in the cryptocurrency market.
This may interest you: Top 3 Reasons Why Bitcoin (BTC) Price Will Soar 150% Soon – Coinpedia Fintech News
Bitcoin’s current trading price of $28,147 shows an increase of more than 4% in the last 24 hours.
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