The best thing about the current Bitcoin market cycle model is that only a few will believe it when it detects a phase transition, according to a crypto analyst posting as PlanB on X. He recalled an earlier post from January 12, when he posted that the bear market was over, but many users thought otherwise.
The best thing about this bitcoin market cycle model is that only a few will believe it when it detects a phase transition. For example, when I tweeted on Jan 12 that the bear market (green) was over and the accumulation phase (blue) had begun, many were still calling for 10k. https://t.co/V74Y8VYCVo pic.twitter.com/l2uuFaVr14
— PlanB (@100trillionUSD) January 16, 2024
In his latest post, the renowned analyst shared a Bitcoin Market Cycle Model chart, showing that the flagship crypto is in the accumulation stage. The chart reflects that the accumulation began in early January, the same period that PlanB called the bear market’s end.
Details of PlanB’s January 12 post confirmed that Bitcoin found a bottom in November 2022 after registering a low price of $15,500. He predicted that BTC had crossed the Short Term Holder (STH) and would rise into the 2024-halving and subsequent 2025 bull market. Citing several on-chain signals, the renowned analyst predicted that the 2024 Bitcoin halving would see Bitcoin above $32,000. He also called for a 2025 bull market for BTC above $100,000.
In line with the accumulation and developing bull market, Patrick Scott, a DeFi and crypto analyst, has highlighted a surge in stablecoin transfer volume.
Stablecoin transfer volume hit a 1-year high this week. Growth was primarily driven by a surge on Solana since December.
Chart from @artemis__xyz pic.twitter.com/6iB9VvtWgH
— Patrick Scott | Dynamo DeFi (@Dynamo_Patrick) January 15, 2024
Using data from Artemis, a cryptometrics platform, Scott showed that the transfer volume hit a one-year high this week. The platform’s data also showed that a stablecoin surge on Solana has been responsible for the surge since December.
Notably, December marked Solana’s best-performing month over a long period. The blockchain’s native token, SOL, rallied from $59.31 on December 1 to $125.97 on December 25, marking a 114% gain. SOL has since retraced and traded for $96.85 at the time of writing, according to data from TradingView.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
