It has been a week since the leading cryptocurrency Bitcoin has maintained its price trend above the $19,000 area and the bulls are struggling to recapture their lost $20,000 level.

Right now, Bitcoin is trading at $19,557 with an increase of 0.52% in the last 24 hours. The immediate hurdle is at $19,600 while support is positioned at $19,500.

Meanwhile, a renowned crypto analyst and strategist is of the opinion that Bitcoin’s current trading is very similar to trading in November 2021. This was the time when Bitcoin reached an all-time high of $69,000.

Analyst who is anonymously known for his quantitative analysis, PlanB informs his 1.8 million followers on Twitter that, right now, $20,000 is the new $4,000 for BTC.

Bitcoin price for massive profits

This is because, during the 2021 trade, after reaching $19,000 in 2017, Bitcoin dropped to the $4,000 level in 2018. Also, through April 2019, BTC reached $4,000 before making an upward move. This upward movement continued until the King coin reached an all-time high in November.

He then states that the amount of Bitcoin losing is more like the area it traded in during 2011, 2015, and 2019, where there was a huge buying opportunity.

The analyst then talks about the connection between Bitcoin and S&P 500 and states that Bitcoin and the stock market will see an uptrend soon.

Lastly, before PlanB wraps up his analysis, he is seen citing that in the last year, the Bitcoin selloff stemmed from holders who are spreading their losses after buying BTC at $60k.

Was this writing helpful?





This post $20,000 Bitcoin Price Is New $4000, Here’s Why

was published first on https://coinpedia.org/bitcoin/bitcoin-prices-20000-is-new-4000-here-is-why/

Author

Write A Comment