Bitcoin July Outlook PlanB Detects No Irregularities 90 of Holders Are Profitable
Summary:
PlanB, the renowned creator of the Stock-2-Flow (S2F) model, has shared his insights on the market outlook for July through seven significant charts. Emphasizing his previous accurate prediction about Bitcoin reaching $100,000 earlier, he delves into various indicators and metrics to provide a comprehensive view of the current market situation.
Original Content rephrased:
Renowned for developing the widely embraced Stock-to-Flow (S2F) model, PlanB has evaluated the market trajectory for July by examining seven pivotal charts. Notably, PlanB gained fame for his past forecast of Bitcoin potentially hitting $100,000 this year.
Advisory
Chart One: Stock-to-Flow Model
As per PlanB, Bitcoin concluded June marginally surpassing $62,000. The market has meandered within the monotonous $60,000 to $70,000 range for several months. Until a clear course emerges, this range is likely to persist. Typically, following a halving event, Bitcoin’s price trails the model’s projection before rallying a few months later. Historically, it takes 12 to 18 months for the price to align with the stock-to-flow model estimations.
Follow-up Chart: Red Market Indicator
PlanB asserts that despite the prevailing sentiment, the market remains bullish. The on-chain data indicate no irregularities, underscoring a red signal, indicative of a bull market. Although perceiving yellow or green signals would be concerning, the current red signal provides a reassuring outlook.
#Bitcoin
RSI 65, 2nd red dot surpasses 2016 and 2020 levels
Analyzing the RSI:
https://t.co/61D8cLyl64
pic.twitter.com/ZBNyd0Tvlg
— PlanB (@100trillionUSD)
July 3, 2024
Bitcoin Actualized Price
Concluding June, the actualized price stood at $31,000. Notably, the two-year actualized price amounts to $48,000, whereas the current five-month actualized price stands at $65,000. Bitcoin slightly trails the five-month actualized price, historically serving as a support threshold during bull markets. Anticipations point toward Bitcoin rebounding from this mark.
Trend Analysis: 200-Week Moving Average
The 200-week moving average, symbolizing the mean Bitcoin price over the past four years, approximates $37,000 and exhibits a steady upward trajectory. This continuous ascent underscores a norm of the moving average never retracting, depicting a stable scenario.
Bitcoin Profitability Landscape
Presently, 90% of investors are in a profitable position, mirroring the initial phase of the 2013 bull market, characterized by several yellow, orange, and red signals. Evidently, the market is in search of direction, necessitating patience until clarity emerges.
Further Reading:
Exploring the Factors Behind Bitcoin’s Price Dip Below $60k
Tags
Bitcoin
Cryptocurrency News
Digital Currency
Price Assessment