PlanB, the creator of the widely used Stock-2-Flow (S2F) model has determined the market outlook for July, based on seven important charts. It is worth mentioning that PlanB is the same person who predicted Bitcoin might hit $100,000 this year.
First chart: The Stock-to-Flow Model
PlanB said that Bitcoin closed June slightly above $62,000. The market has been in a boring trading range between $60,000 and $70,000 for a couple of months now. Until we find direction, it will likely stay there. Historically, after halving, Bitcoin’s price lags the model’s value and starts moving only a few months later. It typically takes 12 to 18 months for the price to reach the stock-to-flow model predictions.
Next chart: The Red Market Indicator
PlanB asserted that we are still in a bull market. Although it might not feel that way, the numbers don’t lie. These are on-chain numbers, showing no abnormalities. I would be worried if we saw yellow or green (which is impossible now), but we don’t have that; it’s red, indicating a bull market. This gives me some comfort.
Bitcoin Realized Price
At the end of June, the realized price was $31,000. The two-year realized price is $48,000, and the five-month realized price is currently $65,000. Bitcoin is slightly below the five-month realized price, which has historically served as a support line in bull markets. He expects Bitcoin to bounce from this five-month realized price.
Moving Average 200 Chart
The 200-week moving average, which represents the average Bitcoin price over the last four years, is around $37,000 and steadily rising. This moving average has never gone down, only gradually rising, indicating nothing abnormal.
Bitcoin in Profit
Currently, 90% of holders are in profit, similar to the start of the 2013 bull market, which also saw a lot of yellow, orange, and red indicators. The market is clearly searching for direction, and we need to remain patient until it finds it.
Also Read: Why Did Bitcoin (BTC) Price Drop Below $60k?
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed