Plan B, the pseudonymous creator of the Bitcoin stock-to-flow model, has taken to Twitter to present what could be some of the most optimistic data for the Bitcoin community.
Bitcoin could top $ 200k this year
The stock-to-flow model, which the creator and other proponents of Bitcoin have relied on to predict the price of Bitcoin, now points to the possibility of the second phase of the Bitcoin bull rally.
The stock-to-flow model, which had previously accurately predicted the price of Bitcoin since the beginning of the year, now points to a price mark of almost half a million dollars by 2022.
By the end of the year, Bitcoin is also poised to surge more than $ 100,000 according to the same data. Interestingly, the S2F model and chain data have followed the same pattern as they mimic each other in terms of price movement. The data also appears to mimic the 2013 bull run.
Bitcoin retested $ 40k, but price sustainability remains an ongoing debate among concerned investors.
Bitcoin recently hit $ 40,000, a price mark that analysts predicted was inevitable at this point, courtesy of recent drawdowns and sell-offs, Bitcoin has seen a dramatic rise after the bear market. The price movement is classified as dramatic by many, not because it implies a significant increase in price, but because compared to many other Cryptocurrencies, the upward correction for Bitcoin occurred more quickly.
Maintaining the new price level is now the next hurdle for the flagship cryptocurrency, which at the moment is only struggling to stay at the aforementioned price. A possible downward movement could take place at any time, this could slow down Bitcoin much more.
However, if the bulls put up a good fight, Bitcoin's price could easily head toward the $ 45,000 mark that analysts predict could be the next price target before big Bitcoin gears up for a new $ 50,000 price test. .
Meanwhile, cryptocurrency trader and analyst Rekt Capital has claimed that by the end of July, the market may follow the death cross indicator, which is usually a period of time when the 50-day moving average falls below the 200-day moving average, forcing Bitcoin to enter a bear market like it did in 2018.