Bitcoin Stock-to-Flow Model Could Mean $10K Price is in Sight
By Luke Flowers – Cryptocurrency Enthusiast
Ever since the crypto giant failed to stabilise above $10,000 in late October, the price has been sliding downwards as many looked to sell Bitcoin.
However, according to one pricing model and many Bitcoin analysts, it could bounce back from this downtrend as it may be on the verge of another enormous price rally with one analyst going as far to say he wouldn't be surprised if Bitcoin goes over the $10,000 mark by the end of the year. For the price to reach this level, many users would need to buy Bitcoin and increase the capital in the market.
Bitcoin is currently trading at around $7600, an increase of over 5% on the day and a huge leap from the bottom of the recent market selloff of $6650, suggesting the bulls could be back to buy Bitcoin. This bullish momentum could spark further positivity and help push the price past higher levels of resistance.
Now analysts are noting that Bitcoin's stock-to-flow model – that keeps a track of supply growth compared to what was already circulating and corresponds to the price action – indicates that Bitcoin could finish over $10,000 by the end of the year in which we could see more users buying Bitcoin.
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