Cryptocurrency News

Bitcoin price bull run ‘looks like 2013’ after record red monthly candle

bitcoin (B T c) maybe its now Worst monthly candle Popular analyst PlanB says that in ten years, but it could hit a new all-time high this year.

In Tweet On June 1, the creator of the stock-to-flow-based BTC price model stated that bitcoin is behaving as it did during the 2013 bull run.

Stock-to-flow “remains intact” after a fall in May

After dropping to $ 30,000 and re-testing several times at that level, concerns have started appearing more than once big drop Moving BTC/USD towards $20,000 and below.

This would mean that for the first time, bitcoin has surpassed the all-time high from the previous bull market, in this case since 2017.

However, such an event is unlikely for PlanB. Furthermore, recent price action is far from unheard of – in fact, it could mean that the market is resuming its 2013 rather than 2017 performance.

Uploading the latest incarnation of their stock-to-flow cross-asset (S2FX) model, they highlighted the similarities between the behavior of bitcoins from 2021 and previous years.

“New point: $ 37,341 could close .. -35% .. We knew that bitcoin would not grow in a straight line and that a -35% decline in a bull market is possible (and indeed) possible,” he added. Written in

“Started to look like 2013. The S2F(X) model remains intact.”

Bitcoin stock-to-flow cross-asset chart as of June 1, 2021. Source: PlanB/Twitter

New all-time high still in trend

S2FX positions bitcoin in several stages in which it goes from a fringe phenomenon to a full-blown asset class. its ambitious forecast The average BTC price calls for $288,000 during the current halving cycle that runs between 2020 and 2024.

The pullback raised questions over the longevity of the model, which PlanB has always insisted is not a guarantee.

Nevertheless, its demand is still met by the market, with the 2013 narrative remaining a strong contender to explain Bitcoin’s wild ride this year.

BTC/USD 1-Month Candle Chart since 2013 (Bitstamp). Source: TradingView

as Cointelegraph Reported, Accumulation practices among long-term holders may result in a “double top” scenario in 2021 – exactly like 2013.

For seasoned trader Peter Brandt, who has been arguing for such a scenario this week, new all-time highs can be reached only after another dramatic uptrend. However, this in itself would also be in line with the historical precedent.