Popular crypto analyst PlanB, known for his strong bullish stance on Bitcoin and the stock-to-flow model, tapped X to reiterate an optimistic long-term view for Bitcoin. According to the analyst, we may be in the final days of Bitcoin below $40,000.
PlanB issued a call to action based on its analysis of Bitcoin’s realized price, as all signs indicate that Bitcoin will experience a strong price increase very soon.
Enjoy under $40,000 Bitcoin while it lasts
Bitcoin has outperformed other asset classes in terms of price performance this year. Price data shows that the cryptocurrency is currently up over 125% this year, and many analysts believe so the growth won’t stop anytime soon.
Crypto analyst PlanB is also of this continued bullish sentiment. According to his analysis of the realized price model, this could be the last chance to buy Bitcoin under $40,000. The realized price refers to the average price of all Bitcoin currently in circulation. Some experts argue that this is a better measure of Bitcoin’s value than the current market price.
Bearish markets are typically characterized by a higher realized price than Bitcoin’s spot price. Bullish markets, on the other hand, are characterized by a higher spot market price. A look at the analyst’s shared realized price shows that Bitcoin’s spot price is now trading above the total realized cost, the 2-year realized price and the 5-month realized price. If history is any guide, the market price could go significantly higher from here.
“Enjoy bitcoin under $40,000… while it lasts,” the analyst said.
Enjoy Bitcoin under $40,000… while it lasts pic.twitter.com/MgGD5LfuL7
— PlanB (@100 trillionUSD) November 24, 2023
Last chance to buy Bitcoin
Bitcoin is trading at $37,687 at the time of writing. According to Glass junctionThe realized price of the cryptocurrency is currently around $21,000. When asked if there would still be an opportunity to buy Bitcoin cheaply for the last time, PlanB answered neither yes nor no. He only predicted that the cryptocurrency would trade between $100,000 and $1 million around the next halving cycle.
Bitcoin (BTC) is currently trading at $37.687. Chart: TradingView.com
a past prediction According to the analyst, Bitcoin estimates around $32,000 to $66,000 during the next halving, scheduled for April 2024.
PlanB’s prediction resonates with the general sentiment surrounding Bitcoin. Mainstream adoption of the cryptocurrency is also increasing, especially as the industry awaits its adoption spot Bitcoin ETFs in the U.S. According to The latest report from CoinShareBitcoin now has year-to-date (YTD) inflows of $1.238 billion into its digital asset investment products.
The discount on Grayscale’s Bitcoin Trust now stands at -7.31%, compared to -48% at the start of the year. This increase indicates that institutions are buying in confidence amid growing bullish momentum. A move to the positive rate would actually push the trust’s price higher than Bitcoin’s spot price for the first time since the first quarter of 2021.
NEW: Grayscale Bitcoin Trust discount on the #Bitcoin the price closes quickly – from 48% to just 7.3%.
The smallest difference since July 2021.
Buy settings? 👀 pic.twitter.com/hDnAM0BxKG
— Bitcoin Archive (@BTC_Archive) November 24, 2023
Featured image from Pexels