Bitcoin has managed to hold its gains over the weekend and trade in a range-bound channel in the middle of 9,000-Dollar-price zone. The objectives for long-term models, such as Stock-to-Flow were achieved, the upward momentum is increasing.
BTC reached a few hours ago a three-month high, as prices have risen on 9.630 dollars. The digital asset over 9,000 Dollar is consolidating for almost a week and the longer that is the case, the greater the chances for a more significant upward movement.
Bitcoin: Stock-to-Flow rate
The Stock-to-Flow-model (S2F) investigated the relationship between the production of the proposal and the currently available stock. The model was examined by the analysts, “PlanB” in depth and prices on the basis of Bitcoins to predict half before adjustments.
Currently still three months left until the third halving of Bitcoin and the BTC prices are above the analysts observed S2F-model.
More content, download Twitter Tweets to learn more and unlock
Using the model PlanB predicts an increase of about 80,000 to $ 100,000 in the months after the halving. Previous Reductions in the years 2012 and 2016, saw in the following years, enormous increases. Many expect that the year 2021 could be for Bitcoin is even bigger than this year.
A Golden cross lets hope
In addition to the S2F model, there are other bullish signals, and yesterday’s Golden cross is one of them. This long-term trend reversal indicator occurs when a faster moving average above a slower crosses.
This is just on the daily Chart, for two of the most commonly observed sliding occurred averages – the 50-day and 200-day average.
The last Time this occurred in April of 2019, when BTC was trading at about $ 4,500. After a Signal of the Golden cross, the prices rose in June to a year-high of 13,800 $.
This was also observed by analysts, the different moving averages on the weekly time frame to use:
Wow. Bitcoin is about to print a Weekly Golden Cross next week, after 10 months. If Bitcoin were to do the same $4000 to $14000 rally this time its going straight to $30000.I’m so hyped for this! pic.twitter.com/UIS0wpQIyb— Anondran (@AnondranCrypto) February 3, 2020
BTC is currently in the resistance-Trading at a level last seen in October 2019. Bitcoin needs to break into this week higher, in order to prevent a major withdrawal.
While bitcoin did not make a higher high yet with respect to October 2019, for a total market cap already did.
It looks a bit weak looking at the indicators though, but who cares, right? $BTC $BTCUSD #bitcoin pic.twitter.com/u2eydaZiaK— crypto hamster (@CryptoHamsterIO) February 3, 2020
The next resistance mark at $ 10,000, which is also a huge psychological barrier. However, the technical indicators suggest that it is only a matter of time until Bitcoin exceeds this threshold again.