Popular crypto analyst PlanB, known for his strong bullish stance on Bitcoin and the stock-to-flow model, took to X to reiterate an optimistic long-term for Bitcoin. According to the analyst, we might be in the final days of Bitcoin below $40,000.
PlanB made a call to action based on his analysis of Bitcoin’s realized price, as all signs point to Bitcoin going on a strong price surge very soon.
Bitcoin has outperformed other asset classes in terms of price performance this year. Price data shows the cryptocurrency is currently up more than 125% this year, and many analysts think this growth isn’t stopping 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. Realized price refers to the average price of all Bitcoin currently in circulation. Some experts argue this is a better measure of Bitcoin’s value than the current market price.
Bearish markets are usually characterized by a higher realized price than the spot price of Bitcoin. Bullish markets, on the other hand, are characterized by a higher spot market price. A look at the realized price shared by the analyst shows that the spot price of Bitcoin is now trading above the overall realized cost price, the 2-year realized price, and the 5-month realized price. If history is any guide, the market price could be headed significantly higher from here.
“Enjoy sub-$40k bitcoin … while it lasts,” the analyst said.
Enjoy sub-$40k bitcoin … while it lasts pic.twitter.com/MgGD5LfuL7
— PlanB (@100trillionUSD) November 24, 2023
Bitcoin is trading at $37,687 at the time of writing. According to Glassnode, the cryptocurrency’s realized price is currently around $21,000. When asked if there would be another opportunity to buy Bitcoin cheap one last time, PlanB replied neither yes nor no, only predicting that the cryptocurrency would trade between $100,000 to $1 million around the next halving cycle.
A former prediction by the analyst puts Bitcoin around $32,000 to $66,000 during the next halving which is slated to occur in April 2024.
PlanB’s prediction resonates with the overall sentiment around Bitcoin. The cryptocurrency’s mainstream adoption is also increasing, particularly as the industry awaits the approval of spot Bitcoin ETFs in the US. According to CoinShare’s latest report, Bitcoin now has a year-to-date (YTD) inflows of $1.238 billion into its digital asset investment products.
The discount on Grayscale’s Bitcoin Trust is now at -7.31% from -48% at the beginning of the year. This increase indicates institutions are buying into the trust amidst growing bullish momentum. A move into the positive percentage would actually put the price of the trust higher than the spot price of Bitcoin for the first since the first quarter of 2021.
NEW: Grayscale Bitcoin Trust’s discount to the #Bitcoin price is closing fast – from 48% to just 7.3%.
The smallest gap since July, 2021.
Institutions buying? pic.twitter.com/hDnAM0BxKG
— Bitcoin Archive (@BTC_Archive) November 24, 2023
Featured image from Pexels
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