Bitcoin (BTC) may be doing the bidding of long traders, but one bullish analyst is happy that the price has fallen 22% this week.
In his latest post on social media, quant analyst PlanB noted that the price drop below $48,000 BTC/USD has pushed below the target set by his price change model.
Great power reserve is good again
So Bitcoin is no longer a sophisticated price prediction tool, which was traditionally a very accurate price prediction tool. After trading volumes exceeded the required level, PlanB expressed concern that the advance would become inorganic.
I’m kind of free of the btc price now back under the s2f value model, he wrote in a conversation with Bitcoin Standard author Saifeden Ammus, who called his predictions amazing.
At one point I thought people were anticipating the model and that the super cycle had already begun. Now we’re back to square one… like clockwork.BTC/USD spot price vs historical share prices. Source: PlanB/Twitter
The terms clock and supercycle are familiar to long-term enthusiasts; they often describe bitcoin’s relationship to the flow and quality of the current bull run, respectively.
As Cointelegraph reports, two iterations of the model, Cross-Asset (S2FX) and Equity (S2FX), differentially estimate an average BTC/USD price of $100,000 or $288,000 by 2024.
PlanB has previously stated that he believes bitcoin will not stop at $100,000, which it is expected to reach this year.
Bitcoiners are often too bullish in a bull market and too bearish in a bear market! replied podcast host Stephen Livera to Ammus.
I don’t think we’ll be riding super bikes this time either.
The collision of the senses continues
Meanwhile, a number of factors have led to the recent round of price declines, including CME futures now trading below spot as bearish entries are made, as well as a negative premium on Coinbase.
The latter implies an upward trend when it is positive, but the reverse – when the spot price of the base currency is lower than that of the exchange traded funds – is also the case.
The negative reversal coincided with a series of large sell orders on Coinbase, each of which caused a brief spike in the spot order book price.
Parts backlog with sales and price reductions. Source: Josh Olszewicz/Twitter
In a sign that irrational sentiment has not yet left the market, the Crypto Fear and Greed Index also remained in the greed zone, although it fell to its monthly lows, although it still indicates that the sentiment reset has not yet taken place.
During the initial decline from the all-time highs of $65,000, bitcoin saw a massive liquidation of long positions.
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