Bitcoin Price Analysis: BTC/USD Balances Above $9,500 As Analyst Predicts Rally To $100,000
- PlanB, a crypto analyst uses the Stock-to-Flow model to predict Bitcoin’s rally to $100 by the end of 2021.
- Bitcoin price holds above $9,500 following a bounce from $9,400 support.
Bitcoin price is slightly in the green after adjusting from the short term support at $9,400. On the upside, BTC/USD was rejected at $9,700 during the weekend session. The price is currently above $9,500 but buyers have eyes on the first key hurdle at $9,700 and later the grand prize of trading above the coveted $10,000.
PlanB Stock-to-Flow Model Places BTC at $100k by 2021
The pseudonymous cryptocurrency analyst, PlanB has updated his Stock-to-Flow model, predicting that Bitcoin has the potential to hit highs above $100,000 by the end of 2021. According to a tweet shared by the analyst, the red dot in the graph below means a price increase has now made it into the Stock-to-Flow model. This model assumes Bitcoin is a commodity, just like gold. It then evaluates the supply of Bitcoin against the amount of the coins mined.
From a technical perspective, Bitcoin is back into the hands of the bulls. The RSI has embraced support around 50 (average). As long as the indicator continues to trend upward, the price could also push towards $9,700. On the other hand, the gap between the 50-day SMA and the 100-day SMA suggests that more upward movement should be expected in the coming sessions on Monday.
BTC/USD daily chart
Bitcoin Key Intraday Levels
Spot rate: $9,562
Relative change: 115
Percentage change: 1.20%
Trend: Bullish
Volatility: Expanding
Bitcoin price holds above $9,500 following a bounce from $9,400 support.
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John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Published at Mon, 01 Jun 2020 04:53:36 +0000
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