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July 1, 2022
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Bitcoin

Bitcoin above 47,000 in August, says Plan B

The Bitcoin boom is not over yet, and its price may increase by over 40% by the end of August. This is what the creator of the popular stock-to-flow model thinks. He also predicts that the next few months will be groundbreaking for S2F.

$ 64,000 was not the climax

Over the past few months, the price of bitcoin has dropped about 50% from its mid-April peak. This put into question the condition of the bull market.

While most of the community is debating whether the 2018 scenario will repeat itself again, the person behind the S2F model – using Twitter nickname PlanB – believes BTC is prepared for further gains.

PlanB stated that “my on-chain data tells me that this bull market is not over and that $ 64,000 was not the peak.”

While bitcoin has lost roughly half of its value due to FUD from Elon Musk and China, PlanB believes that the current price movements are in fact in line with the S2F model. Even excluding the S2F, its “floor level gauge says we won’t be going below $ 47,000 by the end of August.”

The next six months will be decisive

As previously reported, the stock-to-flow indicator and its variables study the production, supply and evolution of bitcoin over the past decade. Ultimately, by the end of the year, this model predicts a price within six-digit territory.

Nevertheless, a retracement of the rate called into question this somewhat optimistic forecast. As such, PlanB stated that the next six months “will be decisive or groundbreaking for S2F (again)”.

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