Bitcoin's Bull Run: PlanB Weighs In on Correction and Future

Bitcoin's recent correction has sparked debate among analysts about the future of its bull market. Widely followed quant analyst PlanB has weighed in on the discussion, suggesting that while on-chain data still indicates a bull market, the lack of new all-time highs since January could signal the beginning of a bear market.

In a recent strategy session, PlanB acknowledged that Bitcoin's correction, which reached around $78,000 last week, could lead to a V-shaped recovery. However, he also raised the possibility that the market has entered the distribution phase and is heading towards a bear phase. PlanB emphasized that the market is currently at a crossroads, and it remains uncertain whether Bitcoin will continue its bull run or enter a bear market.

Historically, Bitcoin has rallied from current prices and printed new all-time highs following halving cycles. However, PlanB noted that there have only been four cycles so far, which is not enough to make a statistically sound prediction. He expressed hope that the fifth cycle would follow the same pattern.

At the time of writing, Bitcoin was trading at $84,377, down 6.5% in the last 24 hours. Despite the recent correction, PlanB remains optimistic about Bitcoin's long-term prospects, citing its strong on-chain data and historical precedent.