{"id":475585,"date":"2021-11-05T19:13:46","date_gmt":"2021-11-05T19:13:46","guid":{"rendered":"https:\/\/wncen.com\/?p=475585"},"modified":"2024-06-11T07:16:49","modified_gmt":"2024-06-11T07:16:49","slug":"s2f-hypes-10k-daily-bitcoin-candles","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/s2f-hypes-10k-daily-bitcoin-candles\/","title":{"rendered":"S2F Model Creator Hypes Up $10K Daily Bitcoin Candles"},"content":{"rendered":"

A massive battle has been taking place as Bitcoin moves sideways in the past day. The benchmark cryptocurrency trades at $60,938 as of press time with a 1.2% profit in the 7-day chart.<\/p>\n

\"Bitcoin
BTC with small gains in the weekly chart. Source: BTCUSD Tradingview<\/a><\/figcaption><\/figure>\n

Bitcoin was rejected at the high of its current level driven by a surge in institutional demand. The launch of the first BTC-linked ETF in the U.S. seems to be a potential cause for the rally.<\/p>\n

Related Reading | Data Shows Whales Are Dumping, But Bitcoin Holds Above $60k<\/a>
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The market has been cooling off post launch of the investment product leading into a consolidation phase, as noted by QCP Capital in a recent report. The price action could continue in its crab-like trend as the volatility diminishes, the firm places it at 60% during the past days.<\/p>\n

In consequence, the general sentiment in the market seems to be flipping bearish or at least uncertain. A large portion of traders and Bitcoin investors count on further gains as November is historically a bullish month for the cryptocurrency.<\/p>\n

In support of this thesis, the Stock-to-Flow model created by analyst Plan B has triggered a lot of hype. Created to measure the amount of BTC produce and the market demand as a response, the model makes prediction about the price of Bitcoin.<\/p>\n

According to the model, BTC should trend to the upside and reach a price target of around $80,000 in the next two weeks and move beyond $100,000 by the end of 2021.<\/p>\n

Plan B has been updating its followers via his Twitter account. The analyst expects Bitcoin to re-entered price discovery with a massive rally in the short term.<\/p>\n

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Are you ready for +$10K daily candles? pic.twitter.com\/SSOCRNalJ5<\/a><\/p>\n

— PlanB (@100trillionUSD) November 5, 2021<\/a><\/p><\/blockquote>\n