After consolidating and stagnating for several weeks, bitcoin finally showed some signs of pushing higher last week. The top crypto is now trading above $9,500, marking a 10% recovery from the $8.6K lows posted during a major correction in the course of May.
Bitcoin just added another massive factor to the bullish case as an indicator that has previously signaled a bull market just appeared. This was pointed out by analyst PlanB, the creator of the stock-to-flow model.
Bitcoin Stock-to-Flow Red Dot Appears, Suggesting Start Of A Giga Rally
PlanB revealed an update to his stock-to-flow model in a tweet on June 1. In his tweet, the analyst indicated that a signal that was last seen three years ago has returned.
The red dot has appeared after each halving and has always preceded a fresh bull market. Based on PlanB’s chart, this bullish indicator suggests that a strong market move that will send BTC to $100,000 by the end of next year has just commenced.
#Bitcoin S2F chart update .. RED DOT RELEASED!!! pic.twitter.com/iNTjbf9b9K — PlanB