Cryptocurrency News

Bitcoin Price Stabilizes At $50k – But The Bull Run Isn’t Over Yet.

Bitcoin [BTC] price has declined over the past few days, falling from highs over $60k to below $50k. That, however, doesn’t necessarily mean the asset’s Bull Run is over, consistent with a renowned cryptocurrency analyst, PlanB.

“Nothing goes up in a straight line,” PlanB outlined within his recent official Tweet.

“#Bitcoin has gone up 6 months within a row, until this month. This seems like the mid-way dip that we also saw in 2013 and 2017.”

PlanB is understood within the crypto industry for his Bitcoin Stock-to-Flow, or S2F, model. The model essentially projects Bitcoin’s price along an upward path in tandem with its halvings and increasing scarcity. He has also constructed a variety of other models around the concept, factoring in several aspects.

Over the past several months, Bitcoin has dwarfed its 2017 all-time price high, hitting just shy of $65k on 14th Aprilconsistent with TradingView data. Within the following days, BTC proceeded to subside near $47,500 by 23rd April – roughly a 26% decline. The move, however, isn’t out of line with previous Bitcoin bull cycles, consistent with PlanB’s tweet.

PlanB’s tweeted on Friday also included a chart of Bitcoin’s price action during the bull markets that ensued following each of its earlier halvings. Halvings occurred in 2012, 2016, and 2020. Bull markets followed in 2013, 2017, and 2020/2021.

Additionally, previous bull runs have sustained sizable pullbacks in price amid the backdrop of a greater macro bullish cycle. Supported BraveNewCoin’s BLX chart on TradingView, within the Bull Run of 2013, after notable upside price action, Bitcoin suffered a crash of about 75% between April and July 2013. Then drop, Bitcoin went on to post significant gains before 2014 hit.

Earlier in September of 2017, Bitcoin suffered a drop of roughly 40% following significant gains but went on to hit new highs in subsequent months before falling into a market the year after.

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