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

The post Bitcoin Price’s $20,000 Is New $4000, Here Is Why appeared first on Coinpedia Fintech News

It’s been a week that the lead cryptocurrency, Bitcoin, is maintaining its price trend above $19,000 area and bulls are striving to regain its long lost $20,000 level.

At the moment, Bitcoin is trading at $19,557 with a surge of 0.52% over the last 24hrs. The immediate hurdle lies at $19,600 while the support is positioned at $19,500.

Meanwhile, a renowned crypto analyst and strategist is of the opinion that Bitcoin’s present trade is much similar to the trade of November 2021. This was the time when Bitcoin hit an all-time high of $69,000.

The analyst who is anonymously known for his quantitative analysis, PlanB informs his 1.8 million Twitter followers that at the moment, $20,000 is the new $4,000 for BTC.

Bitcoin Price To Gain Massive Profit

This is because, during 2021 trade, after attaining $19,000 in 2017, bitcoin dropped to $4,000 level in 2018. Further, until April 2019, BTC was struck to $4,000 before making an upward move. This upward move was continued until the King currency hit an all-time high in November.

$20K is the new $4K

— PlanB (@100trillionUSD) October 16, 2022

Next, he claims that the amount of Bitcoin loss is more resembling the area it was trading during 2011, 2015 and 2019 where there was massive buy opportunity.

Great buying opportunity (like 2011, 2015 and 2019) or this time is different, that is the question.

— PlanB (@100trillionUSD) October 13, 2022

The analyst then talks about the connection between Bitcoin and S&P 500 and asserts that the Bitcoin and Stock market will see a bull run soon.

It’s only recently that people started complaining about the correlation between bitcoin and S&P500, only since they both decreased in value. But the correlation has always been there since S&P500 increased from $1,000 to $4,000 and BTC from $1 to $20,000. Both will rise again.

— PlanB (@100trillionUSD) October 12, 2022

Lastly, before PlanB concludes his analysis, he is seen quoting that in the last one year, Bitcoin’s selling has emerged from the holders who are parting away their losses after they bought BTC at $60k.

Most selling in the last 12 months came from new >$60K buyers cutting losses, plus some old <$15K buyers taking profit.

— PlanB (@100trillionUSD) October 15, 2022

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