AWASIOR
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BTC | BITCOIN $47951.78 +2.50%
BTC hit a bit of a lull last week, dropping down to the low-$46,000s before recovering strongly to trade in the familiar $48,500 - $49,500 range. However, according to PlanB's stock-to-flow model, Bitcoin is well on course to reach the $100,000 mark by the end of the year.
The stock-to-flow model received some criticism during Bitcoin's extended slump from May to July. However, Bitcoin's 35-day bull run since then has validated the model further.
PlanB's price prediction for August close seems to be on track. If the price follows this trend, $135,000 could be a reality come December. Furthermore, some key indicators are skewing bullish as well.
The futures "basis" for the month of August showed a remarkable improvement, rising from a 4% annualized premium on 19th August to 9% on 27th August. The "basis" is the price gap between the futures market and spot market. This rise displays growing positive sentiment.
Another key indicator is the top traders' long-to-short ratio at top exchanges. This indicator also showed a sizeable rise in the last week, indicating bullishness.
BTC hit a bit of a lull last week, dropping down to the low-$46,000s before recovering strongly to trade in the familiar $48,500 - $49,500 range. However, according to PlanB's stock-to-flow model, Bitcoin is well on course to reach the $100,000 mark by the end of the year.
The stock-to-flow model received some criticism during Bitcoin's extended slump from May to July. However, Bitcoin's 35-day bull run since then has validated the model further.
PlanB's price prediction for August close seems to be on track. If the price follows this trend, $135,000 could be a reality come December. Furthermore, some key indicators are skewing bullish as well.
The futures "basis" for the month of August showed a remarkable improvement, rising from a 4% annualized premium on 19th August to 9% on 27th August. The "basis" is the price gap between the futures market and spot market. This rise displays growing positive sentiment.
Another key indicator is the top traders' long-to-short ratio at top exchanges. This indicator also showed a sizeable rise in the last week, indicating bullishness.
