Crypto Industry News:
The price of Bitcoin (BTC) exceeds the current popular S2F model. Stock-to-Flow for Bitcoin predicts the price of the cryptocurrency will eventually hit the $ 200,000 mark.
The S2F model forecasts Bitcoin's long-term price trend. It takes into account two main factors, namely the amount of BTC existing (stock) versus the amount of newly mined coins placed on the market (flow).
According to the S2F, Bitcoin's price should hover around $ 36,851 to keep the S2F model on track. Due to the recent bull cycle and strong momentum, BTC / USD is now well above the S2F estimate.
The accuracy of the S2F model to date suggests that the market recognizes the value of BTC based on its rarity and rising demand. Moreover, it highlights the value proposition of the cryptocurrency against the depreciating US dollar and programmed flow reduction (i.e. Bitcoin halvings).
Technical Market Outlook:
The BTC/USD pair has made a shallow pull-back towards the level of $47,076 and is currently heading towards the recent local high seen at the level of $50,149. The next target for bulls is seen at the level of $52,036, but before this level is hit, the next most important target for bulls is the overbalance level located at $50,265. As long as the market trades below the overbalance level, the correction might develop. The intraday technical support is located at $45,710 and $43,714.
Weekly Pivot Points:
WR3 - $66,669
WR2 - $61,820
WR1 - $52,326
Weekly Pivot - $47,444
WS1 - $38,017
WS2 - $33,139
WS3 - $23,184
Trading Recommendations:
The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $60,000. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $41,125 is clearly broken.
