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The Bitcoin price jumped back above the $49K zone on Saturday. 30-day statistics show the value of bitcoin has swelled by 50% over the last month and many believe that this BTC bull run is not over.
Popular stock-to-flow (S2F) creator Plan B recently shared a S2F chart that indicates a possible “2nd leg of this bull market.”
“Both bitcoin S2F (white line) and on-chain signal (color, not red yet) still indicating a 2nd leg of this bull market,” Plan B wrote. Following this statement, Plan B was asked: “Are we shooting for $288k again? Or still $100k? I’m confused.” The S2F analyst replied and said:
“IMO we are going up, first to 100k, then 288k.”
In other trending Bitcoin news today: Coinbase Investing $500,000,000 in ‘Diverse Portfolio’ of Bitcoin and Crypto Assets!
Coinbase CEO Brian Armstrong says that the cryptocurrency exchange will purchase digital assets worth more than half a billion dollars to add to its existing holdings. Armstrong says that Coinbase will be allocating 10% of its quarterly profits toward the purchase of crypto assets in the future.
“We recently received board approval to purchase over $500 [million] of crypto on our balance sheet to add to our existing holdings. And we’ll be investing 10% of all profit going forward in crypto. I expect this percentage to keep growing over time as the cryptoeconomy matures.”
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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.
Show Notes / Resources:
https://bitcoinmagazine.com/business/wells-fargo-and-jpmorgan-both-file-for-passive-bitcoin-funds
https://cointelegraph.com/news/blackrock-etfs-hold-384-million-of-shares-in-bitcoin-mining-firms