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.
It’s only recently that people started complaining about the correlation between bitcoin and the S&P500, just because they both went down in value. But the correlation has always been there since the S&P500 rose from $1,000 to $4,000 and BTC from $1 to $20,000. Both will rise again. pic.twitter.com/TEHWteGG1T
— PlanB (@100 billion dollars) October 12, 2022
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.
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This post $20,000 Bitcoin Price Is New $4000, Here’s Why
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