Despite Bitcoin (BTC) continuing to trade sideways at barely $29,000 in the last couple of days, the highly-contested stock-to-flow (S2F) model of PlanB is showing that the crypto market may now be in the early stage of a bull run.
Read CRYPTONEWSLAND onAccording to PlanB, the reason that Bitcoin is experiencing heavy volatility is that institutional players like BlackRock are intentionally dragging the price down to accumulate BTC at cheaper levels.
Once BlackRock has accumulated enough BTC, then the “full-blown” bull market will begin, PlanB assured.
Interestingly, PlanB’s sentiments are echoed by other crypto analysts and platforms. According to a separate post by crypto analytics firm CryptoRank, whales are withdrawing bitcoins from centralized exchanges (CEX) in droves. In fact, BTC held on exchanges is now down by 4.3% in the last 365 days.
PlanB also alleged that BlackRock referencing the market movement from his S2F model — that some other analysts contest — is not absurd. He then proceeded to cite a couple of investment giants that acknowledge his model. Some of these include Grayscale, VanEck, and Fidelity Investments.
Bitcoin’s movement has been very volatile in the last 7 days. Currently, BTC is barely able to keep its footing at $29,100 but last Sunday, it was able to regain the $30,000 mark briefly before falling again into the clutches of the bears at the $29,500 mark.
Explore how #BlockDAG's recent $27.7M raise and dashboard upgrade positions it against Dogecoin and #BinanceCoin…
#Cardano roars back to $0.48, igniting investor optimism with a surge in trading volume and…
#XRP's potential surge to $18? Analysts analyze the bull flag pattern amidst Ripple's legal battle…
#Tether develops a #P2P financial terminal using #Holepunch tech to enhance market stability and decentralize…
#Ethereum bulls charge ahead! Bullish signals abound, but market volatility looms. Will #ETH break resistance…
#Binance Labs supports Magic Square's new #IDOplatform focusing on equitable #Web3 investment access.#MagicSquare