Bitcoin price decline does not mean the end of the bull market « Naijatechnews

Bitcoin price decline does not mean the end of the bull market

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According to PlanB, a well-known cryptocurrency analyst, the price of Bitcoin has fallen in the past day or so, from a high to below $50,000, which does not necessarily mean The Bitcoin bull market is over.

PlanB is known in the cryptocurrency industry for his Bitcoin Stock-to-Flow (S2F) model. This model essentially predicts that the price of Bitcoin will rise as its halving and scarcity increases. According to Data from TradingView, in the past few months, the price of Bitcoin has surpassed its all-time high, around $65,000. In the next few days, Bitcoin continued to fall, reaching nearly $47,500 on April 23, a drop of about 26%. However, according to PlanB’s tweets, this trend is roughly the same as the previous Bitcoin bull market cycle.

He said: “Nothing goes up in a straight line.” He also released a Bitcoin price chart. In the context of a larger macro bull market cycle, previous bull markets have seen sharp corrections. In 2012, 2016 and 2020, the price of Bitcoin halved. However, there was a bull market in 2013, 2017 and 2021, which can be described as a big drop or a big rise. For example, in September 2017, Bitcoin fell by about 40% after a sharp rise, but continued to set new highs in the following months, and then entered a bear market the following year.

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