Bitcoin Breaks Down and Heads Towards $500,000

Aurelian Ohayon, trader and CEO of algorithmic crypto trading firm XOR Strategy, suggested that the price of bitcoin (BTC) is headed towards the $500,000 milestone, according to pseudonymous bitcoin stock-to-flow (S2F) model maker PlanB. echo.

in January 1 TweetOhioan claimed of bitcoin The next bull run has begun and it has a price target of $500,000 for this development cycle. The tweet, shared by the analyst with his 93,000 Twitter followers, featured a chart with trendlines and technical indicators, but no explanation of the reasoning behind the analysis.

Aurelien Ohioan: Bitcoin hits bottom of $500,000 - 1
bitcoin analysis , Courtesy of OhioN via TradingView

These claims resonate with recent notes Created by the cryptocurrency analyst and bitcoin supporter behind the S2F model, PlanB. According to him, the S2F model has not yet been invalidated and the bull run that will follow the next block reward halving will “price between $100,000 and $1 million.”

The stock-to-flow model is a type of economic quantitative model that determines the price of goods based on the total existing supply (stock) and the new supply created over a given period of time (flow). In the case of bitcoin, there is current supply. stock, and newly-mined bitcoin is inflow.

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