Ideal Time For Traders To Buy Bitcoin, BTC Price Might Hit $45k In Coming Week
For two days Bitcoin is experiencing a winning streak in these two days Bitcoin price has gained more than 2%. When we look at month-to-date the world’s largest cryptocurrency is down by more than 9% and off by more than 10% when we see year-to-date.
As of today, the flagship currency has successfully regained the $41,500 range heading strong.
Indicators Point to A Bright Future For Bitcoin
The crypto strategist and an analyst who is pseudonymously known as PlanB is of the opinion that except black swan event, all other indicators are indicating a bullish move for Bitcoin for the coming months.
In a recent interview with Blockware Intelligence, the quantitative analyst put forth his thoughts and answers why he thinks the huge number of Bitcoin metrics is showing a bullish signal.
He is seen quoting that “At the risk of being called a moonboy, all the signals, whether you look fundamentally, like stock-to-flow [S2F] for example or on-chain, realized cap or other metrics, or in the news, the macro news, the number of countries that are opening up to Bitcoin. Everything is positive.”
PlanB is a crypto analyst who is known for applying the stock-to-flow (S2F) model, the model that is mostly used in commodities markets and compares an asset’s supply rate at which it is being produced to Bitcoin.
However, when compared to PlanB’s S2F model, Bitcoin has underperformed but as per the analyst, big rallies can still be witnessed in the near future.
Meanwhile the strategist, PlanB says he is keeping an eye on when Bitcoin futures premiums will begin to increase which will depict that the next rally has begun. He claims that
“Of course, something can happen that we haven’t seen in the past or that is a real black swan, but volatility is low, the futures premium is low. I watch that like a hawk. If that will go up again – if the leverage will enter the market again.”
The interview is concluded by PlanB’s comment that says according to him this is the ideal time and opportunity for any Bitcoin investors to pile their bags.Source