Crypto Analyst PlanB Suggests Bitcoin’s Current Price Movements Echo the 2017 Massive Surge — Insights from TradingView News

A newfound vigor in the cryptocurrency markets on Monday propelled Bitcoin (BTC) past the impressive $70,000 mark, a level not seen in over five weeks.

The world’s leading digital currency now commands a market value of $1.376 trillion, representing approximately 51.8% of the $2.68 trillion aggregated global cryptocurrency market cap.

Enthusiasm around Bitcoin’s current price trajectory has analysts predicting a swift price escalation reminiscent of the bull run in 2017, a year marked by extraordinary gains.

“2017 Vibes”

On X (presumably Twitter), notable analyst PlanB, who prefers to remain anonymous, pointed out that Bitcoin’s bull market is now four months deep, indicated by a series of red dots on a chart he provided:

“2017 vibes.”

CoinGecko data, at the time of this report, places Bitcoin’s price at $69,854, having peaked at $70,167.92 the previous day.

The latest surge comes on the heels of encouraging U.S. economic reports showcasing inflation rates lower than predictions for April, as well as institutional investors like the Wisconsin State Pension Board and various prestigious global banks displaying a heightened interest in spot BTC ETFs. This renewed investor interest was accompanied by heightened inflows into these ETFs after a previous streak of negative net flows over four of the seven weeks leading up to the rally.

PlanB’s analysis also made note of Bitcoin’s noteworthy price point during the corresponding fourth red dot of 2017—around $1,200—before the monumental climb to its then all-time high of $20,000 on December 17 of that year.

What’s Next on the Horizon?

PlanB has also highlighted a historical pattern linking Bitcoin miner revenue and price movements. The analyst suggests that as revenues recover from the block subsidy halving in April, the Bitcoin price is poised to escalate sharply (“go vertical”) in 2024.

“Traditionally, the recovery of Bitcoin miner revenue occurs two to five months post-halving, leading to a subsequent vertical rise in Bitcoin’s price.”

The suggestive data infers that BTC’s current market price, which sits above its five-month, two-year, and aggregate realized cost price, might signal the twilight of Bitcoin’s sub-$70K trading era.

Nevertheless, Bitcoin is currently navigating a crucial resistance level near $70,000. A decisive climb above this threshold could potentially unlock a wave of record-breaking peaks, with forecasts suggesting a $100K valuation in the near future.