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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

S2F Model Creator Hypes Up $10K Daily Bitcoin Candles

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
Bitcoin BTC BTCUSD

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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.

Bitcoin BTC BTCUSD
BTC with small gains in the weekly chart. Source: BTCUSD Tradingview

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.

Related Reading | Data Shows Whales Are Dumping, But Bitcoin Holds Above $60k

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.

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.

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.

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.

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.

Are you ready for +$10K daily candles? pic.twitter.com/SSOCRNalJ5

— PlanB (@100trillionUSD) November 5, 2021

Bitcoin Follows Stock-to-Flow Model Like Clockwork?

In a different post, the analyst shared an updated chart that follows Bitcoin and its trajectory into the $100,000 zone. As seen below, the cryptocurrency approaches the prediction.

Bitcoin BTC BTCUSD
Source: PlanB via Twitter

The analyst recently conducted a poll asking his followers if Bitcoin will be able to reach that target, based on the original S2F model, or if it will reach $288,000, based on a prediction made with the S2FX model a variation of its previous model, or if it’ll go beyond by December 2021.

Related Reading | The Fractal That Puts Bitcoin At $100,000 Before Year-End

203.569 people replied to the poll. As of press time, 38.4% believe Bitcoin will be at $100,000 by that time, and 34.4% voted for $288,000.

Do you think #bitcoin will reach $500K, $288K (S2FX model), $100K (S2F model), or will BTC stay below $100K .. by Christmas 2021?

— PlanB (@100trillionUSD) November 5, 2021

Despite its popularity, the Stock-to-Flow model faces heavy criticism. Some find its predictions exaggerated, unrealistic, and based on inaccurate data. Thus, they have taken to accuse the analyst of hyping the market.

Shortly, the model will be invalidated or confirmed if it fails to meet its target. In the meantime, BTC remains rangebound with whales and retails seemingly standing in opposite sides.

Related Reading | Bitcoin Stable, Why BTC Could Aim Fresh Rally To $65K

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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