New Bullish Metric Positions Bitcoin For Massive Run, Mirroring 2020’s Bull Run ⋆ ZyCrypto

After the rough conditions of last month, the crypto markets seem to be recovering, with Bitcoin leading the rise. Some market watchers argued that last weekend’s gains lacked a concrete foundation and would be dumped shortly. Despite this, the rallies have persisted and most recently a notable analyst has revealed a bullish calculation that is likely to see Bitcoin rise further.

The last time BTC saw this level, it pushed to $60k shortly after

Prominent analyst and architect of the acclaimed stock-to-flow (S2F) model, PlanB, has revealed a pattern that preceded a significant rise in Bitcoin’s price two years ago.

On Twitter, PlanB (@100trillionUSD) noted, “last green candle at current level (Dec 2021) took us to $60,000 in 4 months 🔥,” referring to the candlestick pattern witnessed in late December 2020, when the asset’s value was equal. to the current level.

After starting the year with a value of $7k, Bitcoin pushed to the $10,000 mark in June 2020, which served as a strong support point for the asset’s 2020 rally. The digital gold saw a surge in 2020 that attracted the attention of global financial institutions and investors, especially considering the economic slowdown affected by the pandemic.

The traditional financial system was at risk, and investors sought a hedge against inflation and the global financial crisis – in their need, BTC was available as a safe haven. This contributed to the asset’s encouraging performance. As of December 1, 2020, BTC was already breaking through to the $19k level and further increased to $23k on the 18th.

BTC started the next year at a favorable level, as institutional investors flocked to the asset class, largely due to its performance in the previous year. Four months later, in mid-April, BTC pumped to a new all-time high of $60k.

Bitcoin is currently trading at 31% above its lowest value this year

Bitcoin’s current price performance is curiously similar to what the crypto space saw in December 2020; and this has led some analysts to predict a similar rise this year, if the candlestick patterns are anything to go by, especially since a comeback has already been staged by the markets.

PlanB sought the opinion of its 1.8 million followers on what they think about this. 57% of 15,000 respondents noted that they believe we are currently at the low end of a normal cycle and that the current level was a “major buying opportunity” for investors. However, approximately 6,400 respondents believed “the cycles are dead, [and] the past says nothing.”

The crypto market is still looking pretty good, with most assets at higher levels than last month. BTC in particular is currently trading at $22,759 as of press time – a 31% increase from its June 18 2022 low of $17,708. The last time the asset saw that level was in December 2020. Buoyed by the first-born crypto, altcoins are also looking positive – ETH is currently trading at $1,604, up 19% in the past week.