Bitcoin price hits all-time high since 2017

Bitcoin (Bitcoin) It took more than three weeks in the range of $30,000 to prove that one of its most famous price models was critically tested.

As famous Philip Swift, the co-founder of the trading suite Decentrader, stated on June 11 that Bitcoin is posing a major challenge to stock-flow price prediction tools.

Is BTC price rebound time?

Since mid-May, the BTC price trend has been hovering in the low range between US$30,000 and US$40,000. This worries day traders, while old-fashioned bulls call for calm and long-term mentality.

As Cointelegraph Report, The stock-to-flow model continues to adapt to this behavior, even if it is estimated to require a BTC/USD value close to $70,000.

Nevertheless, its creator, PlanB, expressed concerns about the future. If the current level is maintained for a longer period of time, his model may fail for the first time in its history.

Swift emphasized the deviation of spot prices from the average value of liquidity, explaining that this has actually happened. Each time, Bitcoin bounced from a given price point relative to the average stock flow, eventually reaching a record high.

“It has been a long time since the price is far below the S2F line,” he told Twitter fans.

“The divergence oscillator at the bottom of the chart is highlighted by an orange dashed line and arrow to show comparable historical periods. Bitcoin prices rebounded sharply from this previous divergence.”

Highlight the extreme difference of Bitcoin inventory-to-flow model.Source: Philip Swift/Twitter

PlanB focuses on moving averages

Previously, PlanB Suggest Due to the authenticity of the price drop in May, this year’s Bitcoin bull market cycle is more reminiscent of 2013 than 2017.

In 2013 and 2017, a two-level trend finally appeared, setting a record high. After the first peak is a significant retracement of each instance, and then reverse to produce a new top.

PlanB still believes that there will be US$100,000 per bitcoin this year, and from now to 2024, the average price of stocks in circulation is required to be US$100,000 or US$288,000.

related: As a century-old financial model predicted the Bitcoin crash, Bitcoin fell below $36,000

Earlier this week, he used two key daily moving averages (DMA) as a potential starting platform for a recovery in the coming months.

“If the closing price in June is US$54,000 (or higher) and the closing price in July and August is US$54,000 (or higher), then the 50DMA will rebound from the 200DMA and stay above the 200DMA,” he said Tweet.

“Therefore, a good short squeeze and a V-shaped rebound to $54,000 (+69%) will lead to a subsequent rebound scenario.”

BTC/USD 200-day, 50-day moving average, relative strength index (RSI) and halving in several months.Source: PlanB/Twitter