Plan B, the founder of the Bitcoin Stock to Flow model, which is designed to assert the value of Bitcoin in the same way as other valuable assets, has reaffirmed that Bitcoin is headed for the top. Bitcoin kicked off August firmly, stronger than it did in the past two months, further promoting the notion that the bears are getting wiped off. July 31st set the tone for what was to come in August as Bitcoin hit $42,000. A mild price dip followed, indicating that bulls were still trying to build momentum. However, a swift correction preceded the dip, swapping prices up from $39,000 to $45,255 at the time of this writing.
PlanB, who has been bullish on Bitcoin since last year, had noted back in July that the Bitcoin bill run is yet to subside. According to his on-chain chart, the all-time high of $64,000 was not Bitcoin’s peak. He insisted that in August, Bitcoin will not go below $47,000. Presently, Bitcoin is on its way to the predicted price level. With the market’s current speed, Bitcoin could settle at that level between this or next week. As he’s quoted saying;
“My on-chain data (color overlay in the chart below) tells me this bull is not over and 64K was not the top. That is in line with the s2f(x) model. Also, my floor indicator (not based on s2f) says we will not go below 47k Aug close.”
He still stands by his take, unfazed by the bearish outlook from some outsiders.
Recall that Bloomberg also noted that Bitcoin had built momentum between the $30,000 and $40,000 price levels, and is expected to be headed for $100,000 in the long term.
Conclusively, it is worth noting that Bitcoin is moving in line with analytic predictions from multiple sources. On-chain expert Willy Woo predicted the breakout to $43,000 earlier, and like clockwork, Bitcoin follows suit.
“Just a matter of patience and time before $42k breaks. Strong HODLers, the Rick Astleys of this world, have been taking this opportunity to scoop large amounts of coinage while we’re under the resistance ceiling.” – Willy Woo
It is now left to be seen where and how fast Bitcoin takes the next leg up. Analysts currently have their eyes peeled out from $45,000 in the near term.