Bitcoin is about to launch a bullish market, according to the stock-to-flow (S2F) model.
In a Twitter post, the analyst, nicknamed ‘ PlanB ‘, stressed that the S2F model prints its first red dot in three years.
The update is not particularly important, as it simply indicates that the flagship cryptocurrency has made its first monthly close since the May 11 halving.
But for those who believe in the model, this point marks the beginning of a majestic bull market.
The model, which takes into account the declining supply of cryptocurrency, was initially presented in March 2019.
Based on Bitcoin ‘s historical price action , PlanB expects the largest cryptocurrency to reach $ 100,000 by December 2021.
If BTC does not reach $ 100,000 by that date, the model will be disabled.
Many people view the model with extreme skepticism. Alex Krueger said that S2F is no more reliable than lunar cycles when it comes to predicting the price of Bitcoin.
Merchant Josh Rager noted that Bitcoin managed to capture significant resistance in May, reminiscent of the asset’s behavior in January. This is a signal for a bull sequel.
Bulls should try to push the price above $ 10,173 to form a higher peak.