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.
Stock-to-flow “intact” after May drop
After its drop to $30,000 and several retests of that level, concerns are starting to appear over a bigger drop taking BTC/USD towards $20,000 and lower.
This would mean that for the first time, Bitcoin crosses the all-time high from a previous bull market, in this case from 2017.
For PlanB, however, such an event is unlikely. Moreover, recent price action is far from unheard of — in fact, it could just mean that the market is rehashing its 2013, rather than 2017 performance.
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.
“New dot: May…