Bitcoin price bull run ‘starting to look like 2013’ after record red monthly candle

Bitcoin’s price has been on a sharp upswing for the last couple of months, and as of this writing it is sitting at an all-time high. This is happening as the new block reward adjustment process, known as SegWit2x, enters its final stages and is the subject of much debate. Bitcoin price bulls point to a series of bullish developments as evidence of its bullish nature.

Bitcoin price has been on a tear since early February, rising more than 10% on each of the past three trading days. That move has taken the flagship cryptocurrency above $8,000 for the first time since November 2013. However, it is unclear if the current price rally will continue. The cryptocurrency was last up more than 10% on a single day in early April.

Bitcoin enthusiasts appear to have turned a corner this month, following months of heavy selling. At the time of writing, Bitcoin was back above $4,000, having gained 9.6% in the last week alone. The cryptocurrency has gained over 60% so far this year, and is trading at its highest level since 2013. It’s currently trading at $4,351 (up 22.1% in the last 24hrs), which is exactly where the price was in January 2013. Bitcoin is currently trading at a total market capitalisation of $82.8bn, which is more than double the total capitalisation of the next cryptocurrency, Ethereum.. Read more about bitcoin 2013 bull run chart and let us know what you think.

Bitcoin (BTC) may have just set its worst monthly candle in a decade, but it could still hit new all-time highs this year, according to popular analyst PlanB. In his tweet of the 1st. June, the creator of BTC pricing models based on stock-flow ratios explained that bitcoin is behaving as it did during the 2013 bull run.

Stock-flow ratio down, unchanged since May

After falling to $30,000 and several retests of that level, there is concern that BTC/USD will fall even further and head towards $20,000 and lower. This will mean that bitcoin will surpass the all-time high of the previous bull market, in this case 2017, for the first time. However, such an event is unlikely to occur with PlanB. Moreover, the recent price action is far from unusual – in fact, it could mean that the market is more likely to repeat 2013’s performance than 2017’s. When he presented the latest incarnation of his model of movement between assets (S2FX), he noted similarities between the behavior of 2021 and bitcoin in recent years. New article: May closes $37,341 … We knew bitcoin would not go up in a straight line and that 35% declines are possible (and even likely) in a bull market, he wrote in the comments. It’s starting to look like 2013. The S2F(X) model is intact.Bitcoin Cross Asset Chart of 1. June 2021. Source: PlanB/ Twitter

New historical highlights still in play

At S2FX, bitcoin goes through several stages as it evolves from a marginal asset to a full-fledged asset class. According to its ambitious projections, the average price of BTC will be $288,000 during the current bisection cycle, which runs from 2020 to 2024. This backtracking has raised questions about the sustainability of the model, which, as PlanB has repeatedly stated, is not guaranteed. Nevertheless, as the market continues to satisfy it, the 2013 version remains a strong contender to explain bitcoin’s tumultuous performance this year. 1-month candlestick chart of BTC/USD from 2013 (Bitstamp). Source: TradingView Bitcoin price bull run ‘starting to look like 2013’ after record red monthly candle As Cointelegraph reports, the practice of hoarding among long-term holders could also lead to a double top scenario unfolding in 2021, just as it did in 2013. According to veteran trader Peter Brandt, who advocated such a scenario this week, a rapid climb to new all-time highs could only occur after another sharp pullback. But that in itself is a historical precedent.The daily Bitcoin price has seen a clear “bull run” since the beginning of 2018, and today’s red monthly candle is a sign that the price is starting to look like 2013, according to one bitcoin trader. The recent price gain has seen the price rise above the $5,000 mark for the first time since November 2013.. Read more about 2013 bitcoin bull run and let us know what you think.

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