Trend Line Touch Could Send Bitcoin On A Tear

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,149,485,298,433	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,149,485,298,433

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	460.00	0.79%	58,697.73	58,696.60	58,701.17

Price Change

Price Change %

Current Price

Bid Price

Offer

460.00

0.79%

58,697.73

58,696.60

58,701.17

High Price	Low Price	Open Price	Prev. Close	52 Week Range
59,100.00	56,903.79	58,384.58	58,237.73	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

59,100.00

56,903.79

58,384.58

58,237.73

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GEMN	14:07:48	0.022190	58,691.83	USD

Exchange

Last Trade

Size

Trade Price

Currency

GEMN

14:07:48

0.022190

58,691.83

USD

Price x Volume	Volume	Base Symbol	Related Pairs
427,196,124.80	7,377.38	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

427,196,124.80

7,377.38

Trend Line Touch Could Send Bitcoin On A Tear

03/08/2021 8:00pm

NEWSBTC

Popular Bitcoin model Stock-to-Flow (S2F) shows BTC has touched a trend line that has historically sent the crypto flying. Bitcoin Touches S2F Deflection Trend Line As pointed out by a crypto analyst on Twitter, BTC seems to have just touched a lower S2F deflection trend line. The S2F or Stock-to-flow Bitcoin model helps in predicting the price of BTC. The method has proved to be remarkably accurate so far, besides a few points of deviation. S2F model is based on the ratio between the stock (supply) and the flow (annual production). The model can be applied to any asset, not just BTC. A higher value of the indicator means the commodity is more scarce. Here is how the latest S2F chart for Bitcoin looks like: The BTC S2F chart seems have a negative deflection at the moment | Source: buybitcoinworldwide.com As the graph shows, despite some deflections during certain periods, the model still seems to be close. Currently, the chart shows a negative deflection. Now, there is another, related indicator of relevance here. The Stock-to-Flow deflection. This metric highlights whether an asset is undervalued or otherwise in terms of its S2F value. Related Reading | On-Chain Expert Predicts $162K Bitcoin Peak This Cycle The BTC S2F deflection is calculated by taking the ratio between the current price and the S2F value. When the ratio is more than 1, it means BTC is overvalued, while if it’s less than 1, the crypto is said to be undervalued. Below is a chart that shows the current trend in the BTC S2F deflection value: The BTC S2F deflection ratio is much less than 1 right now | Source: glassnode As the graph shows, there is a trend line that Bitcoin has touched in the past, soon after which the price has jumped up. It seems like the crypto has once again made a touch on this line, and if past pattern follows, the price might move up. BTC Price At the time of writing, Bitcoin’s price is around $38k, up 2% in the last 7 days. Over the past month, the coin has accumulated 8% in gains. Here is a chart showing the trend in the value of the cryptocurrency over the last 6 months: BTC seems to be once again moving downwards | Source: BTCUSD on TradingView After a relieving period of sharp uptrend where Bitcoin reached $42k, the coin is once again falling down. As the S2F deflection trend line shows, it’s possible the price might shoot back up. However, that’s only given the pattern indeed holds. Related Reading | “The Death Of China’s Bitcoin Mining Industry,” 7 Takeaways From The Article Also, something to note here is that even if the pattern holds, the price might not immediately go up. As the S2F deflection chart shows, BTC touched the trend line twice in 2017 before shooting back up.

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