Bitcoin

Time

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin faces an inevitable price breakout, with a new S2F price target at $454k.</li> 
 <li>Now, BTC continues to trade above the important $69k mark.</li> 
</ul> 
<p>Bitcoin is currently trading above the important level of $69,500, up by over 2% in the past 24 hours.</p> 
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<p>More reports and price predicitons suggest that we should expect to see a huge price breakout for the coin.</p> 
<p>Matrixport just shared a<a href="https://x.com/realMatrixport/status/1797576346354528481" rel="nofollow" target="_blank"> post</a> via X, noting that BTC will see a breakout in its price, and the market will record a large move.</p> 
<p>They mentioned that during the past week, $5.2 billion worth of BTC and $3.1 billion worth of ETH were moved off exchanges. Historically, this has been a bullish sign as the coins were moved back into cold storage and were not intended to be sold immediately anymore.</p> 
<p>Matrixport also shared the following graph for Bitcoin, noting that we will soon see BTC breaking the triangle:</p> 
<p><a href="https://x.com/realMatrixport/status/1797576346354528481/photo/1" rel="nofollow" target="_blank"><img loading="lazy" decoding="async" class="alignnone" src="https://pbs.twimg.com/media/GPJGHQWbkAALW8B?format=jpg&amp;name=medium" alt="GPJGHQWbkAALW8B?format=jpg&amp;name=medium" width="1080" height="646" title="Bitcoin Breakout Looks Inevitable, New S2F Model Suggests A $454k Price Target 10"></a></p> 
<h2 id="planb-s-new-s2f-model-suggests-a-454k-price-target-for-btc">PlanB’s new S2F model suggests a $454k price target for BTC</h2> 
<p>PlanB also shared optimistic predicitons for the price of Bitcoin via his X account. He <a href="https://x.com/100trillionUSD/status/1797576630543507715" rel="nofollow" target="_blank">noted</a> that Bitcoin’s 200-week moving average is now $36k, and rising. He highlighted the red dot and said that we should brace for a significant price rise, according to his graph.</p> 
<p><a href="https://x.com/100trillionUSD/status/1797576630543507715/photo/1" rel="nofollow" target="_blank"><img loading="lazy" decoding="async" class="alignnone" src="https://pbs.twimg.com/media/GPJF_PAXgAESlqK?format=jpg&amp;name=large" alt="GPJF PAXgAESlqK?format=jpg&amp;name=large" width="1666" height="937" title="Bitcoin Breakout Looks Inevitable, New S2F Model Suggests A $454k Price Target 11"></a></p> 
<p>PlanB also noted that an older $532 price target was based on the original 2019 <a href="https://charts.bitbo.io/stock-to-flow/" rel="nofollow noopener" target="_blank">stock-to-flow model</a>: BTC=0.4*110^3=~532k. Now, he said that the recently refitted S2F model (with 5 years of new data since 2019) has similar results: BTC=0.25*122^3=~454k.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">532k target was based on (original 2019) stock-to-flow model: BTC=0.4*110^3=~532k</p> 
 <p>The recent refitted S2F model (with 5 years new data since 2019) has similar results: BTC=0.25*122^3=~454k</p> 
 <p>— PlanB (@100trillionUSD) <a href="https://twitter.com/100trillionUSD/status/1797591560135053755?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">June 3, 2024</a></p>
</blockquote> 
<p>The ‘Stock-to-flow’ is a number that shows how many years, at the current production rate, are required to achieve the current stock. The higher the number, the higher the expected price.</p> 
<h2 id="btc-surges-in-anticipation-of-ecb-s-expected-rate-cut">BTC surges in anticipation of ECB’s expected rate cut</h2> 
<p>BTC’s price continues to rise ahead of the European Central Bank’s <a href="https://crypto.ro/en/news/bitcoin-and-stocks-surge-in-anticipation-of-ecbs-expected-rate-cut-this-week/">expected rate cut</a> this week.</p> 
<p>With recent drops in inflation, the ECB is predicted to lower its benchmark rates. Money markets suggest a 93% chance of an ECB rate cut in the upcoming monetary policy meeting.</p> 
<p>Bitcoin is often seen as a hedge against inflation. If the ECB rate cut raises inflation expectations, it could potentially attract more investment as it is considered “digital gold”.</p>

Bitcoin Breakout Looks Inevitable, New S2F Model Suggests A $454k Price Target

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