A widely followed crypto analyst says that Bitcoin (BTC) is almost ready to cross a key resistance level that historically starts a bull run.
Pseudonymous crypto strategist PlanB tells his 1.8 million Twitter followers that he is patiently waiting for the highest digital asset by market cap to cross the two-year realized price, which is currently at the $29,500 level.
The realized price metric measures the value of all of its tokens at the price they were purchased for, divided by the number of tokens in circulation.
In an accompanying video, posted three months ago, the trader noted that during bull markets, the price of the crypto king is usually higher than all of its realized prices. He continues that BTC is forming a historical pattern that “always” signals the start of a bull market.
“In bull markets, the red dots, the Bitcoin price, are mainly realized prices [in] 2017, 2013, 2011 and 2021. In bear markets, Bitcoin is below all realized prices…
Most importantly, Bitcoin recently rose in January…above the short-term price, the five-month realized price, and the black line, the realized price, and it is moving towards the bi-annual realized price, which is a pattern that historically has always been a signal of the beginning of the bull market.”
Last week the analyst said that Bitcoin is already in the first phase of a bull market.
Bitcoin is trading at $28,147 at the time of writing, up more than 4% in the past 24 hours.
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