- Bitcoin expert PlanB predicts a period of significant activity for Bitcoin.
- PlanB’s analysis suggests Bitcoin market participants are experiencing profitability.
- Bitcoin has once again probed the $30,000 price mark.
Prominent Bitcoin expert, PlanB, well-known on platform X (previously Twitter), suggests that Bitcoin
PlanB recently shared a snapshot indicating that the five-month Realized Price of Bitcoin has surpassed its two-year Realized Price. Based on historical trends, PlanB anticipates this configuration to persist for over two years, suggesting a sustained upward trajectory for Bitcoin.
The Realized Price of Bitcoin is determined by aggregating the value of all bitcoins at their respective purchase prices and then dividing this total by the current number of bitcoins in circulation. This metric offers insights into the average acquisition cost of all circulating bitcoins.
Crypto traders leverage the Bitcoin Realized Price metric to assess the financial health of the comprehensive Bitcoin market. PlanB’s analysis indicates that the market price of Bitcoin surpasses its Realized Price, suggesting that, from a macro viewpoint, Bitcoin market participants are experiencing profitability.
Bitcoin market participants typically maintain composure during scenarios where the market price surpasses the Realized Price, often indicative of a robust market. Conversely, when the market price dips below the Realized Price, it generally signifies a potential loss for most Bitcoin traders. This scenario often engenders a market environment characterized by Fear, Uncertainty, and Doubt (FUD).
A key element underpinning PlanB’s analysis is that most open Bitcoin positions would be significantly distanced from their stop-losses when the current prices surpass the Realized Price. This fosters a heightened assurance among Bitcoin traders, maintaining their bullish stance over extended durations.
Bitcoin has once again probed the $30,000 price mark, following a week-long period of trading beneath this threshold, according to data from TradingView. This marks the second rally attempt since the premier cryptocurrency dipped below this significant price point on July 24. At the time of writing, Bitcoin is trading at $29,775, with market participants eagerly awaiting the publication of the July 2023 Consumer Price Index (CPI) data in the forthcoming 24 hours.
