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Creator of popular Bitcoin price analysis model stock-to-flow (S2F), Plan B, has just updated his notorious chart with a dot to represent the recent market performance. Plan B noted earlier today that “we knew bitcoin would not go up in a straight line” and added that the market action is “starting to look like 2013.”
Plan B is an alias for a popular crypto enthusiast on Twitter, who became a public sensation in March 2019, and has been documenting his famous stock-to-flow price model. Plan B’s price model, which is quite similar to technical analysis models like Golden Ratio Multiplier and Logarithmic Growth Curves, has just gotten updated to the stock-to-flow cross-asset (S2FX) model.
To operate, the model evaluates Bitcoin’s scarcity similarly to scarce assets like gold. Then, it leverages the total Bitcoin in circulation and evaluates it on a yearly issuance basis with reward halvings as well.
At press time, the Bitcoin network’s annual inflation rate is at 1.77% with a circulating supply of 18,723,781 BTC.
Meanwhile, despite its recent fall of over 53% from its recent all-time high of $64k to $30k over a month, Plan B asserts that the S2FX model is still intact. Also, the analyst noted that the current charts look a lot like that of 2013.
Key Bitcoin Levels to Watch — June 1
Following a healthy rebound from the $34k support, Bitcoin appears to have fallen into consolidation between $37,500 and $36,000. Meanwhile, the benchmark cryptocurrency is trading within a wedge pattern as trading volume wanes.
Considering that BTC has recently gotten rejected from the top end of our wedge, we could see a completion cycle towards the bottom of this region around $35k.
Nonetheless, our overall bias is currently bullish and sharp moves (upwards and downwards) would get followed by additional upward movements.
Meanwhile, our resistance levels are at $37,000, $37,500, and $39,500, and our key support levels are at $35,000, $34,200, and $33,000.
Total Market Capitalization: $1.62 trillion
Bitcoin Market Capitalization: $683 billion
Bitcoin Dominance: 42%
Market Rank: #1
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