Bitcoin’s price appears to have fallen below $ 60,000 after hitting new all-time highs in early March. PlanB, a crypto analyst active on Twitter, believes Bitcoin (BTC) may still have a lot of room to gallop.
“IMO, we have only been in the bull market for ~ 4 months and are far from over,” tweeted PlanB on Friday. “Bitcoin is just getting started,” he added, showing Bitcoin’s current path on one of his stock-to-flow charts. There are several stock-to-flow models for Bitcoin that show the price path of Bitcoin in line with the halving events and supply over time.
YouTuber and derivatives trader Tone Vays also takes an optimistic macro view, although he believes a decline in Bitcoin cannot be ruled out.
“Bitcoin is consolidating, but I remain bullish on this market,” Vays told Cointelegraph. “While it is still possible for Bitcoin to hit a lower low for the month in the $ 48,000 area, I believe we will get above $ 70,000 before June,” he added.
After trading above $ 61,000 this month, Bitcoin fell near $ 50,000. For the most part, the decline occurred over about two weeks, with some relief mingling in rather than a straight, one-day shot of $ 10,000 down. Based on the TradingView data, BTC holds a price of $ 54,550 at the time of publication, which looks back on a day of overall rising price movements.
Meanwhile, other crypto assets in the price category continue to make headlines.