Bitcoin (BTC) surged to new all-time highs overnight on June 3 as US markets pared losses.
1 hour candle chart of BTC/USD (Bitstamp). TradingView is the source of this information.
Short-term respite is provided by Wall Street.
BTC/USD gradually rose to $30,670 on Bitstamp before stabilising, according to data from Cointelegraph Markets Pro and TradingView.
The mood among stocks was more solid during the June 2 session, with the S&P 500 reclaiming the majority of its lost ground over the past month. The Nasdaq Composite Index ended up 2.7%.
Popular analyst TechDev noticed an upcoming turning point while comparing the crypto market size to the Nasdaq.
It has the potential to be intriguing. pic.twitter.com/i0k8oEyhw3 #BTC / $NDQ
June 2, 2022 — TechDev (@TechDev 52)
Fellow trader and analyst Pentoshi meanwhile issued a sobering outlook for the S&P 500 on weekly timeframes going forward.
This is my current working hypothesis regarding the #SPX and the markets in general. 3840 has already been mentioned as a critical location.
I think we have just reached our swing bottom, and that the following weekly will resemble the red section of the chart, with a greater low than last week, and so ST danger. pic.twitter.com/TOOn6KP9Th https://t.co/o7uv2b40BF pic.twitter.com/TOOn6KP9Th
May 22, 2022 — Pentoshi (@Pentosh1)
Bitcoin too has been subjected to predictions for a pullback that would take it beyond May’s $23,800 lows.
Crypto Tony’s target price remains between $22,000 and $24,000, with a break of a trendline at $32,500 required to consider long scalping.
In the meanwhile, Cointelegraph writer Michal van de Poppe added to his short-term plan, “Bitcoin maintained the $30K mark, so long would still be intact from the $29.3K zone.”
“At this point, flipping $30.3K would be a continuation towards $31.8K.”
BTC/USD was about $30,500 at the time of publication.
Timmer: A “new view” on Bitcoin supply and demand is required.
Zooming out, one on-chain expert has become the latest to criticize the Stock-to-Flow (S2F) BTC pricing model, which has becoming more divisive.
For the first time since March 2020, this traditional Bitcoin measure is signaling buy.
Stock-to-Flow has been more marginalized as its originator, PlanB, faces criticism for failing to substantiate its $100,000 end-of-year projection in 2021.
While admitting the model’s flaws, Jurrien Timmer, head of global macro at on-chain analytics startup Glassnode, examined it and proposed a change that he said would improve its value.
A dedicated Twitter thread started, “It’s time for a new look on Bitcoin’s supply/demand dynamics.”
Timmer recommended using Bitcoin’s supply curve to generate a more cautious price increase trajectory. He believed that the outcome has already reflected BTC price behavior more precisely than the raw S2F forecasts in the past.
In retrospect, this more moderate supply model has been more accurate than the original S2F’s estimates for this halving cycle, as seen in the close-up below. /15 image twitter.com/65WgS4Hody
June 2, 2022 — Jurrien Timmer (@TimmerFidelity)
“If right, it predicts a more strong but less speculative upside than before. He went on to say, “Perhaps many years of sideways, in keeping with the halving cycle, and probable prolonged volatility.”
Bitcoin’s monthly closing in May was the lowest since December 2020, according to PlanB.
The next block subsidy halving event, as Cointelegraph revealed, is gradually looming as a defining moment for a return to positive vigor.
The author’s thoughts and opinions are completely his or her own and do not necessarily represent those of Cointelegraph.com. Every investing and trading choice has risk, so do your homework before making a decision.
The “stock to flow model” is a way for analysts to predict the bitcoin price. This model was first presented in October of 2017, but it has been updated and re-presented by an analyst recently.
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