Home / Business / Bitcoin Price Hits Rebound Level stock-to-flow which has not been seen since 2017, a record high

Bitcoin Price Hits Rebound Level stock-to-flow which has not been seen since 2017, a record high



Bitcoin (BTC) lasted over three weeks in the $30,000 range, proving a crucial test for one of the best known price patterns.

According to Philip Swift, co-founder of the Decentrader trading suite, on June 11, Bitcoin is issuing a significant challenge to its stock-to-flow forecasting tool.

Is it a bounce time for the BTC price?

BTC price action has been floating in the lower corridor between $30,000 and $40,000 since mid-May. This worries day traders, while ancient bulls call for calm and long-term thinking.

As Cointelegraph reports, the stock-to-flow model still support such behavior Although the valuation calls for BTC/USD closer to $70,000.

The creators of PlanB continue to express concerns about the future. If the current level persists for a long time His model could risk failing for the first time in history.

Emphasizing the difference in spot prices from the stock-to-current average, Swift explains that this has happened before, each time Bitcoin bounces off a given price point relative to the stock-to-current average until it hits the spot price. Finally hitting new record highs

“It̵

7;s been a long time since the price was much lower than the S2F line,” he told Twitter followers.

“The Divergence Oscillator at the bottom of the chart is highlighted by orange dotted lines and arrows to show comparable historical periods. Bitcoin price has rebounded heavily from the previous divergence. “

Bitcoin stock-to-flow model By highlighting the extreme differences. Source: Philip Swift/ Twitter

PlanB keeps an eye on moving averages.

Previously, PlanB suggested that this year’s Bitcoin bull cycle is more reminiscent of 2013 than 2017, as prices fell in May.

Both 2013 and 2017 finally saw the highest two-level running of all time. The first peak is followed by a significant dropdown on each instance. which then reverts back to create a new run to the top.

PlanB still believes $100,000 per Bitcoin will appear this year as stock-to-flow Call for an average $100,000 or $288,000 between now and 2024.

RELATED: Bitcoin Drops Below $36K As Century-Old Financial Patterns Predict BTC’s Massive Collapse

earlier this week He cites the key two-day moving average (DMA) as a potential launchpad for recovery in the coming months.

“If the June close is at $54K (or higher) and July-August is also $54K (or higher), then 50DMA will bounce off 200DMA and stay above 200DMA,” he tweeted.

“So a short-term squeeze and a V-shaped bounce back to $54K (+69%) would result in a reverse situation.”

200-day BTC/USD, 50-day moving average, Relative Strength Index (RSI) and halving months. Source: PlanB/Twitter.