In December 2017, Bitcoin hit an all-time high of $20,000. Then, in January 2018, it hit $15,000. And in February 2018, it hit $10,000. This past week, Bitcoin price has risen to just under $10,000.
In the month of February, Bitcoin price shot past the $9,000 mark, leading many to believe the rally was here to stay. After hitching its wagon to the digital currency, the stock market saw a sudden spike in interest. However, it appears the market is now finding currencies and assets have become too expensive to invest in, leaving the bitcoin price to slip below a $7,000 level.
The price of bitcoin has been in a prolonged bear market where the bulls have been unable to hold the price above $7,000 for at least a year. But now, a recent price pattern has made a strong resurgence, suggesting the bulls may be gaining the upper hand once again. The bulls have been able to hold up prices above $10,000 for the past several months even after the price hit a low of $7,000 on January 16. These price swings are the weakest since the end of 2017, when bitcoin was trading at around $20,000.. Read more about bitcoin price correction and let us know what you think.Bitcoin (BTC), after spending three weeks in the $30,000 range, was a crucial test for one of the most prominent pricing models. As Philip Swift, co-founder of the Decentrader trading suite, pointed out at 11. According to June, bitcoin poses a serious challenge to the tool for predicting stock prices.
Is it time for a rebound in the price of BTC?
Since mid-May, the price of BTC has been in the lower corridor between $30,000 and $40,000. This situation worries speculators during the day, while speculators at that time call for calm and long-term thinking. According to Cointelegraph, the stock-flow model continues to account for this behavior, although it estimates the value of BTC/USD to be closer to $70,000. However, its creator, PlanB, has expressed concerns about its future. If current levels persist for an extended period, the model could fail for the first time in its history. Referring to the deviation of spot prices from the stock market average, Swift said such instances have indeed occurred in the past. Each time, bitcoin rebounded from a certain price point relative to the average exchange rate and eventually reached new all-time highs. It’s been a long time since the price has been this low under the S2F line, he shared with his followers on Twitter. The divergence oscillator at the bottom of the chart is highlighted by an orange dotted line and arrows indicating similar historical periods. In the past, the price of bitcoin has rebounded strongly on such a divergence. Bitcoinfund model with divergence extremes highlighted. Source: Philip Swift/Twitter
Moving average of eye plane
PlanB has previously suggested that bitcoin’s bull run this year is more reminiscent of 2013 than 2017, based on the credibility of the price drop in May. In both 2013 and 2017, the two-tier system finally reached a record high. In each case, the initial peak was followed by a significant decline, which was then reversed to produce another peak. PlanB still believes $100,000 per bitcoin will appear this year, while stock-to-flow suggests an average price of $100,000 or $288,000 by 2024. Related: Bitcoin drops below $36,000 as century-old financial model predicts major BTC collapse Earlier this week, he cited the two major daily moving averages (DMAs) as a potential launching pad for a rally in the coming months. If June’s close is $54K (or higher) and July and August are also $54K (or higher), the 50DMA will bounce off the 200DMA and stay above the 200DMA, he wrote on Twitter. So a good short squeeze and a V-shaped bounce towards $54K (+69%) would lead to a bounce scenario.BTC/USD 200 day, 50 day moving average, relative strength index (RSI) and month ahead of the bounce. Source: PlanB/ Twitter Is Bitcoin price finally recovering after a two-month bear market? Well, to answer that, we must first look at the price of Bitcoin since the beginning of the year.. Read more about bitcoin stock-to-flow 2030 and let us know what you think.
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