ShayanMarkets
Bitcoin's recent price action resembles the 2018 bear market!
The Realized Price metric is a crucial tool in determining whether Bitcoin is over or undervalued. During bullish market cycles, the price typically remains above the realized price, while during bear markets, the price drops below it, causing fear and uncertainty. Bitcoin's recent price action resembles the 2018 bear market. During the final capitulation phase, the price dropped significantly below the realized price, causing panic. However, the 2019 bull run saw the price reclaim the realized price level at around $4K and form a pullback to retest it. Recently, the price dropped below the realized price but then started a strong uptrend, surpassing the realized price at $20K. After a brief surge, the price corrected and retested the realized price level, indicating a healthy bullish trend. However, Bitcoin's bullish outlook remains unchanged unless the price drops below the realized price level.