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Stock to Flow Analyst PlanB, Sees The Bitcoin Price Trading at $10,000 Before End of Year.
In the last few days, Bitcoin (BTC) has been the subject of bearish calls. Many are calling a drop between $6,000 and $5,500.
Peter Brandt chimed in on the topic.
The most followed trader on Twitter said that the head-and-shoulders top for Bitcoin doesn’t look valid.
But the analyst painted a descending triangle breakdown and indicated a target of $3,905.
While the BTC price appears to be on a technical downtrend, PlanB believes that it is possible for the top cryptocurrency to regain its bullish composure.
The analyst’s stock to flow model suggests that the recent selloff is a deviation.
Using the stock to flow model, PlanB can forecast the price of bitcoin without using technical analysis.
So far, the analyst’s model has been right on the money. He recently tweeted,
“Call me crazy, but it wouldn’t surprise me if BTC closes 2019 at $10k+ .. opportunities like this (Bitcoin below S2F model value, 6 months before the halving) are rare.”
In other Crypto news today, Bitcoin slips to $6,900 after Upbit loses $50 Million of Ethereum in seeming hack.
If you’ve been on Crypto Twitter at all over the past few hours, you’ve likely noticed this Ethereum (ETH) transaction.
The transaction, which is for 342,000 ETH (valued at nearly $50 Million), was sent from Upbit, a popular Korean exchange, to an unknown, unmarked wallet out of nowhere.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.