Bitcoin price bull run 'starting to look like 2013' after record red monthly candle
June 1, 2021. Summarized by summa-bot.
Compression ratio: 47.6%. 1 min read.
Bitcoin is looking more like it did in 2013 than 2017 after May, says PlanB.
Bitcoin (BTC) may have just had its worst monthly candle in ten years, but it could yet surge to new all-time highs this year, says popular analyst PlanB.
In a tweet on June 1, the creator of the stock-to-flow-based BTC price models said that Bitcoin is behaving like during its 2013 bull run.
This would mean that for the first time, Bitcoin crosses the all-time high from a previous bull market, in this case from 2017.
Uploading the latest incarnation of his stock-to-flow cross-asset (S2FX) model, he highlighted similarities between 2021 and Bitcoin’s behavior from years long past.
we knew bitcoin would not go up in a straight line and several -35% drops are possible (and indeed likely) in a bull market,” he wrote in accompanying comments.
The pullback sparked questions over the model’s longevity, which PlanB has always stressed is not guaranteed.
Nonetheless, with its demands still met by the market, the 2013 narrative remains a strong contender for explaining Bitcoin’s wild ride this year.