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NewsBTC 2021-11-05 19:13:46

S2F Model Creator Hypes Up $10K Daily Bitcoin Candles

A massive battle has been taking place as Bitcoin moves sideways in the past day. The benchmark cryptocurrency trades at $60,938 as of press time with a 1.2% profit in the 7-day chart. Bitcoin was rejected at the high of its current level driven by a surge in institutional demand. The launch of the first BTC-linked ETF in the U.S. seems to be a potential cause for the rally. Related Reading | Data Shows Whales Are Dumping, But Bitcoin Holds Above $60k The market has been cooling off post launch of the investment product leading into a consolidation phase, as noted by QCP Capital in a recent report. The price action could continue in its crab-like trend as the volatility diminishes, the firm places it at 60% during the past days. In consequence, the general sentiment in the market seems to be flipping bearish or at least uncertain. A large portion of traders and Bitcoin investors count on further gains as November is historically a bullish month for the cryptocurrency. In support of this thesis, the Stock-to-Flow model created by analyst Plan B has triggered a lot of hype. Created to measure the amount of BTC produce and the market demand as a response, the model makes prediction about the price of Bitcoin. According to the model, BTC should trend to the upside and reach a price target of around $80,000 in the next two weeks and move beyond $100,000 by the end of 2021. Plan B has been updating its followers via his Twitter...

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S2F Model Creator Hypes Up $10K Daily Bitcoin Candles

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