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On Twitter, the financial analyst PlanB, which is at the origin of the very controversial model stock-to-flow for the Bitcoin (BTC), revealed that according to its studies, there is a chance that we will see a new bullish phase for the current market.
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“We will go up to $ 100,000 first”
In a tweet dated August 18, PlanB, the author of the stock-to-flow model, published information according to which the uptrend of Bitcoin (BTC) is not over yet. According to him, the price signals prove that we are still in the middle of the cycle.
The target price for the new cycle is well over $ 100,000. However, according to the analyst, there is no indication that it will be reached quickly. On the contrary, the expert considers that it will be necessary wait at least three years, in accordance with its model stock-to-flow. When asked why, he simply replies: ” We’re going first go up to $ 100,000 and then to $ 238,000 ”.
Recall that the model stock-to-flow was launched in March 2019 and deepens the relationship between supply availability and current stock. This technique has already made it possible to determine the value of Bitcoin (BTC) on numerous occasions.
By the end of June, the model predicted that by the end of November, BTC prices would be around 98 000 $. There are only about 3 months left to verify this prediction.
A model that is criticized
To date, the method proposed by PlanB meets with mixed success. If some people swear by it, others are (very) reluctant. His predictions may come true, but not always. In any case, at the time of writing this content, the price of Bitcoin (BTC) is approximately $ 45,180, which represents a 2.7% decrease compared to its price the day before.
Further declines could be on the horizon, analysts say. They would plunge the BTC towards the next major support zone which is up to 41 000 $. In case, as desired PlanB, the uptrend is taking over, so BTC should break its recent high of $ 48,000.
The uptrend of Bitcoin (BTC) could make a comeback in the next few days according to the predictions of PlanB, the analyst who is the author of the model stock-to-flow. Note, however, that this model does not always receive a favorable opinion among the ranks of traders.
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DISCLAIMER
The comments and opinions expressed in this article are those of the author alone, and should not be considered as investment advice. Do your own research before making any investment decisions.-
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