Bitcoin (BTC) price dropped from over $ 60,000 to less than $ 50,000 last week. Famous crypto analyst PlanB thinks this does not mean the end of the bull market.
PlanB, In his post he shared on Friday “Nothing rises in a straight line,” he explained.
“#Bitcoin has risen for 6 months in a row until this month. The current situation looks like the bottom in the middle of the road, similar to what we saw in 2013 and 2017. ”
PlanB is known in the crypto industry for its Bitcoin stock flow price model. The model reflects how the Bitcoin price will rise based on halvings and increasing rarity.
Bitcoin rose to almost $ 65k on April 14, significantly surpassing its 2017 record high in recent months. BTC fell to $ 47,500, a nearly 26 percent correction right after it. Still, PlanB thinks this drop is in line with previous bull markets.
PlanB also shared a graph of Bitcoin’s price movements in the bull markets after previous halvings. Previous halvings took place in 2012, 2016 and 2020, and bull markets started in 2013, 2017 and 2020/2021.
— PlanB (@100trillionUSD) April 23, 2021
In previous bull cycles, there were also significant retreats within the larger macro bull markets. According to Tradingview data, Bitcoin experienced a 75 percent crash during the 2013 bull market between April and July 2013. Crypto currency continued to gain in value until 2014 after this crash.
Bitcoin fell around 40 percent in September 2017 after significant increases in value, but continued to rise until the end of the year.