Notorious Bitcoin Analyst: $20,000 New $4K!

Leading crypto Bitcoin (BTC) continues its effort under $20,000. However, it fails to break the spiritual level of $20,000 on a permanent basis. In this environment, “$20,000 is the new $4,000,” says a well-known crypto analyst.

Big buying opportunity for Bitcoin?

A crypto analyst with the pseudonym PlanB noticed a pattern similar to that of Bitcoin (BTC) price action before an epic rally from $4,000 to $69,000. The crypto analyst tells his 1.8 million followers on Twitter that “$20,000 is the new $4,000” for BTC.

So what happened in the $4,000 scenario? Bitcoin actually hit almost $20,000 by the end of 2017. However, it later lost significant altitude, dropping to around $4,000 in late 2018. Moreover, it continued to hover around this level until April 2019. With this, Koindeks.com As you follow, starting from May 2019, the BTC price started to rise. It then climbed until November 2021, when it set an all-time high of $69,000. The creator of the Stock to Flow (S2F) Bitcoin model, well-known analyst PlanB, shared:

Big buying opportunity (like 2011, 2015 and 2019) or different this time. That’s the real question.

“Both will rise again!”

PlanB says the current level of Bitcoin losses is comparable to the percentages recorded in 2011, 2015 and 2019, which were always valuable buying opportunities. According to the analyst, the leading crypto Bitcoin (BTC) will eventually recover from the current bear market. It should be noted here that BTC has dropped almost 50% in the last 12 months. The analyst also makes the following statement:

Recently, people have started to complain about the correlation between Bitcoin and the S&P 500. Both have lost their value. But the correlation has always been there since the S&P500 went from 1,000 to 4,000 points and BTC from $1 to $20,000. Both will rise again.

According to CoinMarketCap information at press time, BTC is currently trading at $19,404. In addition, it lost 0.43% in the last 24 hours and rose 1.50% on a weekly basis. However, president crypto is 77% off its all-time high of $69,000. Since mid-June, BTC has been trading around $20,000. The second-largest cryptocurrency, Ethereum (ETH), dropped 0.74% in the last 24 hours to $1,309.

Similar Articles

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Advertisment

Most Popular