Bitcoin Price Prediction: Crypto Analyst Says '$20,000 Is The New $4000'

PlanB, a pseudonymous crypto analyst, noticed a pattern of Bitcoin’s BTC/USD price action that resembled the one that preceded an epic rally from $4,000 to $69,000. The crypto analyst tells his 1.8 million followers on Twitter that “$20,000 is the new $4,000” for BTC. 

What Happened: Bitcoin plummeted to about $4,000 in late 2018 after reaching almost $20,000 towards the end of 2017, and continued to hover around that level until Apr. 2019.

Starting May 2019, the price of BTC began to spike and rallied until November 2021, when it set a new all-time high of $69,000. 

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Great buying opportunity (like 2011, 2015 and 2019) or this time is different, that is the question. pic.twitter.com/Wh1Pp44xgR

— PlanB (@100trillionUSD) October 13, 2022

PlanB said that the current level of Bitcoin losses is similar to the percentages recorded in 2011, 2015, and 2019, which were all times of significant buying opportunities. BTC will eventually recover from the current bear market, as per the analyst.

It should be noted that BTC fell by almost 50% over the past 12 months.

“It’s only recently that people started complaining about the correlation between Bitcoin and S&P 500, only since they both decreased in value. But the correlation has always been there since S&P500 increased from 1,000 [points] to 4,000 [points] and BTC from $1 to $20,000. Both will rise again,” the analyst tweeted.

Price Action: BTC is currently trading at $19,507 and is up 1.64% in the last 24 hours, as per CoinMarketCap.

Since mid-June, BTC has been trading around $20,000, whereas the second-largest crypto, Ethereum ETH/USD, is trading at $1,327 up by 0.46%, in the last 24 hours.

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