Renowned crypto analyst PlanB suggests that Bitcoin (BTC) is on the verge of crossing a crucial resistance level that has historically marked the beginning of bull runs.
PlanB, known for his pseudonymous identity, shared his observations with his 1.8 million followers on Twitter.
PlanB’s Analysis
PlanB believes that once Bitcoin surpasses its two-year realized price of $29,500, a new bull market could be initiated. He highlights that during previous bull markets, Bitcoin consistently traded above all its realized prices, including those from 2017, 2013, 2011, and 2021. Conversely, during bear markets, Bitcoin remained below its realized prices. This historical pattern has caught the attention of traders and investors.
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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, plays a significant role in PlanB’s analysis. Bitcoin’s current two-year realized price stands at $29,500.
He suggests that if Bitcoin manages to surpass this level, it could serve as a pivotal moment indicating the start of a bull market.
Market Anticipation Rises
Traders and investors are eagerly watching as Bitcoin inches closer to the two-year realized price. PlanB’s analysis and predictions hold considerable weight in the crypto community, given his past success in accurately forecasting Bitcoin’s price movements. The market is filled with anticipation, as breaking through this resistance level could potentially trigger a new bull run in the cryptocurrency market.
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Bitcoin’s current trading price of $28,147 showcases a more than 4% increase in the past 24 hours.
