S2F Model Builder Generates $10K Daily Bitcoin Candles – News Couple

S2F Model Builder Generates $10K Daily Bitcoin Candles

There has been a huge battle with Bitcoin moving sideways in the past day. The benchmark cryptocurrency is trading at $60,938 as of press time with a gain of 1.2% on the 7-day chart.

BTC with small gains on the weekly chart. Source: BTCUSD Tradingview

Bitcoin was rejected at its current high driven by rising institutional demand. The launch of the first Bitcoin-linked ETF in the US appears to be a possible reason for the rally.

Related reading | Data Shows Whales Are Sinking, But Bitcoin Holds Over $60K

The market began to cool off after the launch of the investment product leading to the consolidation phase, QCP Capital noted in a recent report. Price action could continue in its cancer-like trend as volatility wanes, and the company has been putting it at 60% over the past days.

As a result, overall market sentiment appears to be fluctuating downward or at least uncertain. A large portion of bitcoin traders and investors are counting on further gains, as November has historically been a bullish month for the cryptocurrency.

In support of this thesis, the stock-to-flow model created by the Plan B analyst created a lot of noise. Created to measure the amount of BTC production and market demand in response, the model predicts the price of Bitcoin.

According to the model, BTC should trend to the upside, reach a price target of around $80,000 in the next two weeks, and surpass $100,000 by the end of 2021.

Plan B has updated its followers via its Twitter account. The analyst expects Bitcoin to enter price discovery again with a massive rally in the short term.

Bitcoin follows a stock model to flow like a clock?

In another post, the analyst shared an updated chart following Bitcoin and its path to the $100,000 region. As shown below, the cryptocurrency is getting close to prediction.

Source: PlanB via Twitter

The analyst recently conducted a survey asking his followers if Bitcoin will be able to reach that goal, based on the original S2F model, or if it will reach $288,000, based on a prediction made using the S2FX model which is different from its previous model, or if It would have passed by December 2021.

Related reading | The fractal that puts Bitcoin at $100,000 before the end of the year

203,569 people responded to the survey. As of press time, 38.4% believe Bitcoin will reach $100,000 by then, with 34.4% voting for $288,000.

Despite its popularity, the Stock-to-Flow model faces heavy criticism. Some find his predictions exaggerated, unrealistic, and based on inaccurate data. Thus, they accused the analyst of inflating the market.

Soon, the form will be invalidated or confirmed if it fails to achieve its objective. In the meantime, BTC remains constrained by the extent of whales and retail trade which appears to be on opposite sides.

Related reading | Bitcoin Stability, Why BTC Could Target New High $65K

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