Well-known analyst PlanB: Bitcoin price drop does not mean the end of the bull market

The price of Bitcoin has fallen over the past day or so, dropping from highs above $60,000 to below $50,000. However, according to well-known cryptocurrency analyst PlanB, this does not necessarily mean that the Bitcoin bull run is over.
“Nothing goes up in a straight line,” PlanB said in a tweet on Friday.
“Until this month, Bitcoin had been rising for 6 consecutive months. This looks like an intermediate decline that we also saw in 2013 and 2017.”
PlanB is well-known in the cryptocurrency industry for his Bitcoin Stock-to-Flow (S2F) model. This model essentially predicts that the price of Bitcoin will rise as it halves and its scarcity increases. He has also built a few other models around this concept, taking different aspects into account.
According to TradingView data, over the past few months, the price of Bitcoin has surpassed its all-time high in 2017, reaching a price just below $65,000 on April 14. In the following days, Bitcoin continued to fall, approaching $47,500 on April 23, a drop of about 26%. However, according to PlanB's tweet, this trend is not inconsistent with previous Bitcoin bull cycles.
PlanB’s tweet on Friday also included a chart of Bitcoin price action during bull runs. Bitcoin halvings occurred in 2012, 2016, and 2020. Bull runs occurred in 2013, 2017, and 2020/2021.
In the context of a larger macro bull market cycle, previous bull markets have seen sharp corrections. According to BraveNewCoin’s BLX chart on TradingView, during the 2013 bull market, after a sharp rise, Bitcoin plunged about 75% between April and July 2013. After that drop, Bitcoin continued to rise sharply until 2014.
In September 2017, Bitcoin fell about 40% after a sharp rally, but continued to hit new highs in the following months before entering a bear market the following year. (Cointelegraph)