Bitcoin’s bullish hype fades, but analyst says PlanB’s stock-to-flow model is still relevant
A popular Bitcoin price model returns to center stage as BTC’s next halving approaches. Bitcoin is struggling to reclaim its psychologically important level of $30,000 as analysts predict that choppy accumulation may last for months. Bitcoin (BTC) soared to a new yearly high of over $31,800 on July 13, driven by optimism surrounding the potential approval of exchange-traded funds (ETFs) in the United States and Ripple’s landmark legal victory in its case against the U.S. Securities and Exchange Commission regarding the classification of XRP (XRP) as a security. However, five days after the pump, BTC closed below $30,000 as buyers struggled to push the price back above the crucial support level. Despite Bitcoin’s price showing weakness in the short term, historical on-chain movements and empirical data suggest that the worst days of the bear market are likely over. Long-term holders are unmoved, but short-term investors could sell Glassnode’s latest report shows that Bitcoin’s price ac...