Is This Your Last Chance to Buy Bitcoin Below $70,000? Market Sentiment Improves

The cryptocurrency market has been experiencing a resurgence in bullish sentiment, with Bitcoin (BTC) leading the charge. The leading cryptocurrency by market cap has risen above the crucial $67,000 level, nearing its all-time high and sparking optimism among traders and analysts.

TLDR

Bitcoin’s price has risen above $67,000, nearing its all-time high, with some analysts predicting a potential breakout to new highs.
Ethereum and XRP prices are also showing bullish sentiment, with ETH hovering around $3,120 and XRP trading above $0.51.
Wallets holding smaller amounts of bitcoin have been liquidating their coins, which could be a bullish sign for the market.
Quant analyst PlanB suggests that Bitcoin is flashing “2017 vibes” and that this may be the last chance to buy BTC below $70,000.
PlanB also predicts that Bitcoin’s price should go “vertical” later in 2024 as miner revenue recovers from the halving.

Bitcoin’s recent price action has been compared to that of 2017, with quant analyst PlanB suggesting that the current market conditions are reminiscent of the period just before BTC’s meteoric ascent to $20,000.

???? 2017 vibes pic.twitter.com/xntjwQoQvu

— PlanB (@100trillionUSD) May 16, 2024

PlanB’s chart indicates that Bitcoin is currently four months into its bull market phase, hinting that this may be the final opportunity to accumulate BTC below $70,000.

Last chance to buy bitcoin below $70k? pic.twitter.com/d2utorOORY

— PlanB (@100trillionUSD) May 18, 2024

The bullish sentiment has extended to other top cryptocurrencies, with Ethereum (ETH) and XRP also showing signs of strength.

Ethereum, the second-largest cryptocurrency by market cap, is currently trading around $3,120, with analysts predicting a potential breakout to its resistance level of $3,400.

Similarly, XRP has been trading above the $0.51 mark, despite a recent correction, and could test its upper resistance level of $0.56 in the coming week.

Interestingly, wallets holding smaller amounts of bitcoin have been liquidating their coins over the past week, which analytics platform Santiment suggests could be a bullish sign for the market. Historically, the transfer of coins from smaller wallets to larger ones has been an encouraging and bullish signal for BTC.

???????? #Bitcoin is dancing just above $66.1K as small traders continue to #liquidate their holdings despite the #crypto bounce over the past week. Historically, small wallets dumping their coins to larger wallets is an encouraging and #bullish sign for $BTC. https://t.co/wlz4XPhfMD pic.twitter.com/dTJAy5G6pL

— Santiment (@santimentfeed) May 19, 2024

PlanB also highlights the historical correlation between miner revenue and price action, predicting that Bitcoin’s price should go “vertical” later in 2024 as the industry’s revenue recovers from the halving.

This prediction is based on the observation that, historically, Bitcoin’s price has surged two to five months after a halving event.

As the market continues to show signs of strength, investors and traders are closely monitoring the price action of Bitcoin, Ethereum, and XRP.

While the market remains volatile, the current bullish sentiment has reignited hopes of a new all-time high for Bitcoin and significant gains for other top cryptocurrencies in the coming months.