PlanB, a famous quantitative analyst with over 1.8 million followers on Twitter, has shown that Bitcoin (BTC), the largest cryptocurrency by market cap, is currently exhibiting the trend that preceded the $69,000 price all-time high recorded in November 2021.
Recall that Bitcoin has been changing hands around $20,000 since the market downturn of May of 2022. According to the pseudonymous trader in a tweet, the current price range, which is $20,000, is the new $4,000 for BTC.
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After surpassing $19,000 in late 2017, Bitcoin dipped to below $4,000 by late 2018. BTC hovered around that $4,000 level until April 2019, when it started to move upwards. The flagship crypto then largely continued its upward trend until November 2021 when it printed its all-time high of $69,000.
$20K is the new $4K pic.twitter.com/HCnIla45KA
— PlanB (@100trillionUSD) October 16, 2022
At the time of filing this report, Bitcoin is trading at $19,154, with a relatively 2% price upsurge in the last 24 hours, according to CoinMarketCap.
PlanB also notes that the percentage of Bitcoin (BTC) in loss currently reflects the levels it was during great buying opportunities in 2011, 2015, and 2019, indicating that a similar trend is about to overwhelm Bitcoin’s chart.
Great buying opportunity (like 2011, 2015 and 2019) or this time is different, that is the question. pic.twitter.com/Wh1Pp44xgR
— PlanB (@100trillionUSD) October 13, 2022
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Giving his take regarding the correlation between Bitcoin and the S&P 500, PlanB predicted that both BTC and the stock market index would eventually recover from the current bear market.
PlanB noted:
“It’s only recently that people started complaining about the correlation between Bitcoin and S&P500, only since they both decreased in value. But the correlation has always been there since S&P500 increased from 1,000 [points] to 4,000 [points] and BTC from $1 to $20,000. Both will rise again.”
PlanB also noted that most of the Bitcoin selling in the past 12 months came from traders who are cutting their losses after buying BTC at $60,000, as well as some older buyers who are taking profits after accumulating BTC for less than $15,000.
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