PlanB, the well-known creator of the contested stock-to-flow model, believes Bitcoin is now well on track to reach $100,000 as the price has risen to yearly highs.
At the same time, the price of Bitcoin has increased by 17% this week, as it broke through a major three-year trendline.
The price of Bitcoin surpasses $11,700 in a swift intraday rally.
Data shows it might be the time for Bitcoin to shineAltcoin declined particularly in the past 72 hours when the price of Bitcoin started to rally.
Ethereum's Ether moved in tandem with BTC throughout the rally, but it slumped against BTC in the past two days.
In the short term, as Bitcoin sees a profit-taking rally from altcoins, some investors expect BTC to outperform altcoins.
The pattern of a Bitcoin rally following a strong altcoin season is not new.
The abrupt pullback of DeFi tokens coincided with a BTC rally as momentum shifted back to Bitcoin.
For some traders, a short against Bitcoin could be attractive because BTC has increased steeply in the past week and is testing major resistance levels.
A 17% rally in six days - even during a bull market - is substantial, even for Bitcoin.
Bitcoin Now 'Perfectly on Track' to $100K, Says Stock to Flow Creator
Published on Aug 1, 2020
by Cointele | Published on Coinage
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