Current Market Phase
Quant analyst PlanB believes Bitcoin (BTC) is experiencing a bull market similar to the one seen in 2017. According to his chart, BTC is currently four months into this phase.
Realized Cost Price Indicator
PlanB’s chart also analyzes Bitcoin’s realized cost price indicator, which measures the value of BTC coins at the price they were last traded. The analyst’s chart shows that BTC’s price is currently above all three variations of this metric, suggesting that current levels may be the last chance to buy below $70,000.
Miner Revenue Correlation
PlanB also points to the historical correlation between miner revenue and BTC price action. He believes that as miner revenue recovers from the halving, BTC should experience a surge in value later in 2024.
Current Market Value
At the time of writing, Bitcoin is trading at $67,105.
