Quant analyst PlanB believes that Bitcoin (BTC) is on the verge of having an explosive 2020-style breakout to new highs.
PlanB tells his 1.9 million followers on the social media platform X that Bitcoin has been consolidating near $60,000 range similar to how it did near $10,000 in 2020.
“$60,000 is the new $10,000. [It’s] a matter of time before it explodes upwards in my opinion.”
The analyst shares a chart of the realized price metric, which records the value of all coins in a current time frame at the price they were last transacted on-chain, divided by the number of BTC in circulation. The chart suggests that the five-month realized price level is acting as a strong support level, similar to 2020.
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Source: PlanB/X
The analyst also says that Bitcoin has been going through what has historically been the “boring” phase of the market cycle that precedes an explosive breakout.
“The yellow periods are boring, Bitcoin does not move. It’s all about the short periods in between: 2013, 2017, end-2020. Those are the fundamental price moves. Don’t miss next move!”
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Source: PlanB/X
The analyst notes how most of Bitcoin’s gains come within very short windows of time between longer periods of choppiness and consolidation.
PlanB says that BTC’s massive price gains have occurred in only 27 months out of Bitcoin’s 162 month-history.
“Only 27 months in the last 13 years generated ALL Bitcoin gain. 2013, 2017, 2020/21. Don’t miss the next leg up!”
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Source: PlanB/X
Bitcoin is trading for $63,174 at time of writing.
