Bitcoin’s Calm Before the Storm: Are New Highs on the Horizon?

Quantitative analyst PlanB is predicting a significant breakout for Bitcoin (BTC), suggesting it may soon mimic the explosive price action seen in 2020.

In a recent update, PlanB noted that Bitcoin has been consolidating around the $60,000 mark, akin to its behavior near $10,000 back in 2020. He expressed confidence that a surge is imminent, stating, “$60,000 is the new $10,000. It’s just a matter of time before it shoots up.”

60,000 is the new 10,000 …
a matter of time before it explodes upwards IMO pic.twitter.com/qMrqEj8TO4

— PlanB (@100trillionUSD) September 18, 2024

He shared a chart highlighting the realized price metric, which reflects the value of all Bitcoin currently in circulation based on their last transaction price. According to the chart, the five-month realized price level is serving as a strong support zone, reminiscent of 2020’s price action.

PlanB further indicated that Bitcoin is currently in a “boring” phase of the market cycle that typically precedes a dramatic price increase. He pointed out that while Bitcoin experiences long periods of stagnation, the most significant price movements occur in brief bursts, as seen in 2013, 2017, and late 2020.

He emphasized that the majority of Bitcoin’s gains have been concentrated in only 27 months throughout its 162-month history, highlighting the critical nature of these short timeframes. “Don’t miss the next leg up!” he urged, encouraging investors to stay alert for upcoming opportunities.