A widely followed crypto analyst says that Bitcoin (BTC) is just about ready to cross a key resistance level that historically starts a bull run.
Pseudonymous crypto strategist PlanB tells his 1.8 million Twitter followers that he’s patiently waiting for the top digital asset by market cap to cross its two-year realized price, which currently sits at the $29,500 level.
The realized price metric measures the value of all its tokens at the price they were bought divided by the number of tokens in circulation.
In an accompanying video, which was posted three months ago, the trader noted that during bull markets, the crypto king’s price tends to be above all of its realized prices. He goes on to say that BTC is forming a historical pattern that “always” signals the start of a bull market.
“In bull markets, the red dots, the Bitcoin price, is above all the realized prices [in] 2017, 2013, 2011 and 2021. In bear markets, Bitcoin is below all the realized prices…
What’s most important is that recently, Bitcoin jumped in January… above the short-term hodler, the five-month realized price, and the black line, the realized price, and it’s en route to the two-year realized price, which is a pattern that is historically always a signal of the start of the bull market.”
Last week, the analyst said that Bitcoin is already in the first stage of a bull market.
Bitcoin is trading for $28,147 at time of writing, an over 4% increase during the last 24 hours.
Generated Image: Midjourney
Read the full article here