The well-known cryptocurrency analyst known as Plan B published a series of tweets this week with his impressions of the new big correction in the crypto market, which lost almost 50% of Bitcoin’s value within a few days before the recovery.
The analyst highlighted the behavior of the weakest investors in May, who sold around 1 million BTC in the $ 30-35,000 range and caused a loss of $ 20,000 million:
In the graphic you can see the price level at which each of the total of 18.7 million BTC was last shifted.
So what happened in May? Weak hands sold ~ 1M BTC in May for $ 30,000 to $ 35,000, which they bought in April for $ 55,000 to $ 60,000: a staggering loss of ~ $ 20 billion. The good news: this 1M #bitcoin are in strong hands now. pic.twitter.com/bIXhil2LL7
to???? PlanB (@ 100trillionUSD) May 23, 2021
The graphic shows the price level at which the last 18.7 million BTC in circulation moved.
What happened in May Weak hands sold nearly 1 million BTC for $ 30,000 to $ 35,000 in May … they bought for $ 55,000 to $ 60,000 in April: a huge $ 20 billion loss. The good news: These 1M from #Bitcoin are now in good hands.
Indeed, as Cointelegraph reported, This month’s big correction has blown less experienced investors and generated a huge inflow into the larger Bitcoin wallets, with seasoned investors taking the opportunity to buy the dips.
PlanB discussed these stronger hands and how it views the largest cryptocurrency as an investment and revealed it One of his goals at Bitcon is a million dollars::
I see mine #bitcoin Investment as a call option. I’ll drive it to either zero or over $ 1 million and size my (starting) position accordingly. I care less about $ 100,000 to $ 288,000, but my focus is on halving it by 2024 and beyond. I don’t care about volatility, asymmetrical return is key (0 vs 1M). pic.twitter.com/Z6evrcpbvb
to???? PlanB (@ 100trillionUSD) May 24, 2021
I see my investment in #Bitcoin as an option to buy. I’ll go to zero or a million dollars with her and size my (starting) position accordingly. I care less about $ 100,000 to $ 288,000, but my focus is on halving it by 2024 and beyond. I don’t care about volatility, asymmetric profitability is key (0 versus 1 million).
PlanB itself said in early 2021 that one of its goals for the cryptocurrency for the year, according to its stock forecasting model, was $ 100,000, a level that can be reached in October. Despite the predictions, the analyst noted that Bitcoin “has no price cap”:
#bitcoin has no top because Fiat has no bottom pic.twitter.com/Zl3AygwVsB
to???? PlanB (@ 100trillionUSD) May 27, 2021
“Bitcoin is capless because fiat currencies are bottomless”
The analyst said in March that the formation of short-term highs also carries major risks for Bitcoin. At this moment PlanB said if BTC topped $ 300,000 in the short term, its subsequent decline could be 90%.