Renowned quantitative analyst PlanB suggests that Bitcoin (BTC) is displaying similar patterns to those seen in 2017, just before it experienced a skyrocketing surge. PlanB, who has a following of 1.9 million on the social media platform X, states that BTC is currently in the fourth month of its bull market phase, as indicated by the four red dots on his chart. Drawing comparisons to 2017, PlanB’s chart reveals that the leading cryptocurrency was trading at approximately $1,200 when it reached its fourth red dot, but quickly rallied to reach $20,000 by the end of that year.

Additionally, the quant analyst is examining various variations of Bitcoin’s realized cost price indicator, which measures the value of coins from a specific cohort at the price they were last transacted. PlanB’s chart illustrates three variations of this metric, including the five-month, two-year, and total realized cost price of BTC. Notably, all three metrics show that BTC’s price is above them, suggesting that the current levels may mark the final days of Bitcoin trading at its current range.

PlanB also suggests that, based on the historical correlation between miner revenue and price action, BTC is expected to go “vertical” in late 2024 as the industry’s revenue recovers from the halving event. According to PlanB, Bitcoin miner revenue typically rebounds two to five months after a halving, signaling an upward surge in Bitcoin’s price.

As of now, Bitcoin is trading at $67,105.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook, and Telegram

Surf The Daily Hodl Mix

Disclaimer: The opinions expressed by The Daily Hodl are not investment advice. Investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be aware that your transfers and trades are conducted at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor is it an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.