Bitcoin (BTC) soared to fresh local highs overnight until June 3 after US equities reduced their losses.
Wall Street provides short-term relief
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD grew steadily, reaching $ 30,670 on Bitstamp before merging.
The mood among equities was stronger at the June 2 meeting, as the S&P 500 regained the majority of lost ground last month. The Nasdaq was down 2.7%.
Analyzing the market value of cryptocurrencies based on Nasdaq, a popular TechDev analyst pointed out what could be the next turning point.
– TechDev (@ TechDev_52) June 2, 2022
Meanwhile, fellow trader and analyst Pentoshi released a sober outlook for the S&P 500 on a weekly time frame ahead.
My current work theory for #SPX and markets in general is this. I’ve talked about the 3840 in the past being a key place
I believe we have just had a low volatility and that the next weekly newspaper will look like the red object drawn on the chart with a higher minimum than last week and thus the risk of ST https://t.co/o7uv2b40BF image.twitter.com/TOOn6KP9Th
– Pentoshi (@ Pentosh1) May 22, 2022
Bitcoin itself continued to face a call for withdrawal, which would eclipse the $ 23,800 slump in May.
Crypto Tony still tickets between $ 22,000 and $ 24,000, require a break in the development line that is now close to $ 32,500 to consider a long scalp.
“Bitcoin held the $ 30K level, as long as it would remain intact from the $ 29.3K area,” Cointelegraph added Michaël van de Poppe’s short-term policy.
“Turning $ 30.3K now would be possible to continue with $ 31.8K.
At the time of writing, BTC / USD was around $ 30,500.
Timmer: Bitcoin supply and demand need “fresh take”
To sum it up, one specialist in the chain became the latest to take on the ever-controversial stock-to-flow (S2F) BTC price model.
Related: This classic Bitcoin metric is a flashing purchase for the first time since March 2020
After failing to confirm its $ 100,000 year-end forecast for 2021, Stock-to-Flow has increasingly sided with its creator, PlanB, criticizing.
While acknowledging the possible shortcomings of the model, Jurrien Timmer, head of international economics at the chain analysis company Glassnode, reviewed it and offered a fix that he claimed would increase its usefulness.
“It’s time for a new perspective on Bitcoin supply / demand,” dedicated Twitter thread began.
Timmer suggested taking into account the Bitcoin supply curve to produce a more conservative price growth curve. The result, he said, has been retroactive when it comes to BTC price action more accurate than raw S2F forecasts.
The close-up below shows that this more moderate supply model has been (in retrospect) more accurate than the original S2F’s predictions for this halving cycle. / 15 image.twitter.com/65WgS4Hody
– Jurrien Timmer (@TimmerFidelity) June 2, 2022
“If it is correct, it indicates that it is still strong but less uplifting than before. “Maybe even a few years aside, in line with the halving cycle, and probably continued fluctuations,” he continued.
PlanB had noted that the month-end in May had been the lowest since December 2020.
As the Cointelegraph reported, the next event of a halving of block strengths is increasingly emerging as a line in the sand to return to bullying strength.
The views and opinions expressed herein are those of the authors only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading business involves risk, you should conduct your own research when making a decision.
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