A Monday rally ended what had been very muted crypto price action in recent days, driving Bitcoin (BTC) above the $70,000 milestone for the first time in more than five weeks.
That means the premier cryptocurrency now boasts a $1.376 trillion market capitalization and accounts for around 51.8% of the $2.68 trillion global crypto market cap.
The favorable disposition of Bitcoin (BTC) price charts has some analysts expecting a meteoric ascent in the near term. For pseudonymous popular analyst PlanB, more and more telltale signs nostalgically bring the market to the feeling of 2017 — remembered by its spectacular performance.
“2017 Vibes”
In a post on X (aka Twitter), PlanB noted that Bitcoin is currently four months into its bull market phase, as shown by the four red dots on the chart he shared:
“2017 vibes.”
2017 vibes pic.twitter.com/xntjwQoQvu
— PlanB (@100trillionUSD) May 16, 2024
According to CoinGecko data, the world’s largest and oldest crypto was trading for $69,854 at publication time, having hit a high of $70,167.92 yesterday.
The reversal in the latest correction happened last week after the U.S. economic data revealed softer-than-forecast April inflation, and quarterly institutional filings showed an extraordinary level of interest in the spot BTC ETFs from the Wisconsin State Pension Board and several renowned multinational banks. Alongside that rally came a renewal of massive inflows into the ETFs. The net flows had been negative for at least four of the previous seven weeks.
According to PlanB’s chart, BTC was changing hands for roughly $1,200 when it was at its fourth red dot in 2017 but swiftly surged to its previous $20,000 all-time price high on December 17 of the same year.
What Lies Ahead?
Stock-to-flow creator PlanB previously observed that based on the historical correlation between miner revenue and Bitcoin price action, BTC is on the brink of going “vertical” in 2024 as the sector’s revenue recovers from the April block subsidy halving event.
“Historically, Bitcoin miner revenue recovers two to five months after a halving, and after that, Bitcoin price goes vertical.”
The quant analyst’s technical chart also pointed out that BTC’s price is currently above its five-month, two-year, and total realized cost price, implying that we might be witnessing the final days of the alpha crypto trading below the $70K mark.
That being said, Bitcoin faces significant resistance at $70,000. A strong breakout above would open the floodgates for new historic highs in the coming weeks or even days, with price targets of $100K envisioned.