After a record red monthly candle, the Bitcoin price bull market began to “look like 2013”


Bitcoin (Bitcoin) Maybe just Worst monthly candle Popular analyst PlanB said that this number has arrived within 10 years, but this year may still rise to a record high.

in a tweet On June 1, the creator of the BTC price model based on stock-to-flow stated that Bitcoin behaved similarly to the 2013 bull market.

After the fall in May, the inventory to the inventory “intact”

After the price dropped to $30,000 and repeated testing of that level, Bigger drop Push BTC/USD to 20,000 USD and below.

This means that Bitcoin will break the historical high of the previous bull market for the first time, in this case 2017.

However, for PlanB, such incidents are unlikely to occur. In addition, recent price movements are not unheard of-in fact, this may simply mean that the market is reshaping its performance in 2013 rather than 2017.

He uploaded the latest incarnation of his stock-to-tradable cross-asset (S2FX) model, highlighting the similarities between 2021 and Bitcoin’s behavior.

He wrote in the accompanying comment: “New point: May closing price was $37,341. -35%.. We know that Bitcoin will not rise in a straight line, and it is possible (and indeed possible) to fall -35% in a bull market. .”

“It started to look like 2013. The S2F(X) model is intact.”

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

New all-time highs are still in play

S2FX puts Bitcoin in multiple stages, transitioning from a staged phenomenon to a mature asset class.its Ambitious forecast It is required that the average BTC price in the current halving cycle (2020-2024) is $288,000.

The retracement has raised questions about the life of the model, and PlanB has always emphasized that this life cannot be guaranteed.

Nevertheless, since the market still meets its needs, the 2013 narrative is still a strong competitor to explain the crazy growth of Bitcoin this year.

BTC/USD 1-month candlestick chart (Bitstamp) since 2013. Source: TradingView

As a recovery diagram Reported, The accumulation of long-term holders may also lead to a “double top” situation in 2021, just like 2013.

For veteran trader Peter Brandt (Peter Brandt), he is defending the situation this week, and only after a further sharp correction will it be possible to rush to new historical highs. However, this in itself will also conform to historical precedents.