The leading crypto Bitcoin (BTC) continues its struggle under $ 20 thousand. However, it fails to break the psychological level of $20,000 permanently. In this environment, “$20,000 is the new $4000,” says a popular crypto analyst.
Big buying opportunity for Bitcoin?
A crypto analyst nicknamed PlanB has noticed a pattern of Bitcoin (BTC) price action similar to what preceded 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 reached almost $20,000 towards the end of 2017. However, it later lost serious altitude, dropping to around $4,000 in late 2018. It also continued to hover around this level until April 2019. However, as you follow on Kriptokoin.com, starting from May 2019, the BTC price started to rise. It then climbed to an all-time high of $69,000 until November 2021, when it set. Popular analyst PlanB, creator of the Stock to Flow (S2F) Bitcoin model, shared:
Big buying opportunity (like 2011, 2015 and 2019) or different this time. That’s the real question.
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
“Both will rise again!”
PlanB says the current Bitcoin loss level is similar to the percentages recorded in 2011, 2015 and 2019, which have always had significant buying opportunities. According to the analyst, the leading crypto Bitcoin (BTC) will eventually recover from the current bear market. Meanwhile, it should be noted that BTC has dropped by almost 50% in the last 12 months. The analyst also makes the following statement:
Recently, people have started complaining about the correlation between Bitcoin and the S&P 500. Because they both lost value. But the correlation has always been there since the S&P500 rose from 1,000 points to 4,000 points and BTC from $1 to $20,000. Both will rise again.
At press time, BTC is currently trading at $19,404, according to CoinMarketCap data. It also lost 0.43% in the last 24 hours, rising by 1.50% on a weekly basis. However, the leading crypto is 77% away from 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.
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