Bitcoin price bull run’starting to look like 2013′ after record red monthly candle

Long-term price forecasts based on stock-to-flow stay”intact,” says creator PlanB following a month’s listing red candle.
Bitcoin (BTC) may have just had its worst monthly candle in ten years, but it could yet surge to new all-time highs this season, says analyst PlanB.In a tweet on June 1, the creator of the stock-to-flow-based BTC price models said that Bitcoin is acting like throughout its own 2013 bull run.Stock-to-flow”intact” after May dropAfter its drop into $30,000 and a few retests of that level, concerns are starting to appear over a bigger drop carrying BTC/USD towards $20,000 and reduced. This would mean that for the first time, Bitcoin crosses the all-time high from a previous bull market, in such a case from 2017. For PlanB, however, such an event is not likely. In addition, recent price activity is far from unheard of in fact, it could just mean that the sector is rehashing its 2013, rather than 2017 performance. Uploading the most recent incarnation of the stock-to-flow cross-asset (S2FX) version, he emphasized similarities between 2021 and Bitcoin’s behaviour from years long past. “New scatter: May near $37,341. . -35% . . We knew bitcoin wouldn’t move in a straight line and a few -35% drops are possible (and indeed likely) in a bull market,” he wrote in accompanying comments. “Beginning to seem like 2013. Bitcoin stock-to-flow cross-asset chart as of June 1, 2021. Resource: PlanB/ TwitterNew all-time highs still in playS2FX places Bitcoin in a number of phases in which it goes from a fringe phenomenon into a full-blown asset category. Its ambitious forecasts call for an normal BTC price of $288,000 during the present halving cycle, which now operates between 2020 and 2024. The pullback sparked concerns on the product’s endurance, which PlanB has constantly stressed isn’t guaranteed. Nonetheless, with its demands still met by the marketplace, the 2013 narrative remains a solid contender for describing Bitcoin’s wild ride this season. Resource: TradingViewAs Cointelegraph reported, accumulation practices one of long-term holders can also lead to a”double top” scenario playing in 2021 — just like in 2013. For veteran trader Peter Brandt, who is arguing for such a scenario this week, even a hurry to new all-time highs could yet come only after a further dramatic pullback. This in itself, however, are also in accordance with historic precedent.¬†

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