According to Stock-to-flow creator, PlanB, the Bitcoin bull market is not ending soon. That means that Bitcoin macro is treading on an upward journey.
Since Bitcoin attained an all-time high in March, the price of Bitcoin was expected to be higher than $60,000 by now. According to a crypto analyst PlanB, Bitcoin still has room to catch up.PlanB’s tweet on Friday suggests that the bull market is four months into it and is not ending soon. The Stock-to-flow charts show Bitcoin just got started. Bitcoin Multiple Stock-to-Flow models are where you can know about its price path in line with halving events and supply over time.
Other traders view Bitcoin in bullish macro view, such as derivatives trader Tone Vays, despite us having a dip for Bitcoin.
Higher hope for Bitcoin
From Vays’ interview with Cointelegraph, Bitcoin is consolidating while remaining bullish at the same time. As much as Bitcoin may make a lower low in the $48k range, there are chances it may get to above $70 by June.
Despite Bitcoin trading past $61,000 earlier in the month, it has retraced down to $48K. The drop happened in a span of two weeks though it is not clear the cause for the fall. The decline was not in a straight line as there is even a single day where there was a drop of $10,000.
According to data from TradingView, BTC is currently at $ 54,550 showing there is hope for upward traction. Just like bitcoin, many crypto assets have been impacted.
Take with a pinch of salt.
Even though Stock-to-flow has made many predictions, many are not very accurate. Its projection for 2020 was otherwise as Bitcoin finished the year strong contrary to the iterations used.