Yesterday, the bitcoin (BTC) price fell back into the $ 30,000 area after the $ 40,000 failed to break again. Last night, the price did hold up at the next support level. The Dutch analyst PlanB currently sees a “rare buying opportunity.”
Bitcoin fell from the price area at USD 40,000, which is now acting as a resistance, to a low of USD 33,500 yesterday afternoon. After a minor bounce back up, bitcoin has been trading around the USD 37,000 price level since last night. It was a new drop that our analyst Michiel was already expecting. He shared this with the Insiders in his race video yesterday. Not an Insider yet? Take a look at this page to find out more!
With bitcoin in the $ 30,000 area, PlanB, known for applying the stock-to-flow (S2F) model to bitcoin, speaks of a “rare buying opportunity:”
Bitcoin oscillates in the dark blue band around the S2F model value. Buying opportunities like today are rare (Q1 2019 when I wrote the S2F article, March 2020 due to covid, and now). Life is about choices. ”
It is of course important to always do your own research. Selling pressure in the market remains significant. Yesterday, this pressure was ramped up after several reports speak of a ban on crypto mining in China. According to Alex Krüger, another well-known analyst, we are therefore seeing mainly panic sales at the moment:
Yesterday, Ethereum (ETH) founder Vitalik Buterin spoke out about the current state of the market. He believes that crypto is in a bubble and that bitcoin can lag behind due to its energy consumption.