Bitcoin rebounded 17%, ending July above the 200 weekly moving average. This confirms PlanB’s predictions. Furthermore, PlanB’s S2F model suggests that bitcoin should reach five times its current value. Based on these two indicators, what are the price levels to watch for this month of August?
First monthly closure in green for 3 months
It has been a difficult year for the mother of cryptocurrencies. However, bitcoin produced its best monthly performance this year in July, recovering around 17% of its value. Furthermore, the price closes above the weekly moving average of 200. This revives the optimism of some, who expect a rise from the 200-MA before the end of the year. However, bitcoin may first swing around this indicator before starting an explosive rise.
August 2022: The value of Bitcoin (BTC) is expected to reach $ 30,000, according to the creator of the S2F model
The creator of the S2F model maintains his opinion on the value of Bitcoin. For him, this asset currently remains undervalued and should be worth 5 times its current price. For him, bitcoin will increase in value in a few years. In fact, based on the PlanB model, the S2F, the price of bitcoin (BTC) will have to reach the threshold of $ 110,000 in 2023.
But after closing in July, it set a price target of $ 30,000 per Bitcoin. This price is expected to be reached this August, at the latest in September.
The data provided by this model also remains very relevant to predicting the long-term value of BTC. However, over the past eighteen months, the price of bitcoin has deviated from the model’s predictions. Its value is currently around $ 23,000. While the S2F model indicates that Bitcoin is expected to be worth just under $ 110,000 right now.
This may be good news as we can actually I think Bitcoin is still undervalued. For hodlers, it’s only a matter of time before this cryptocurrency approaches $ 100,000. The green monthly candle in July could mean the start of a new bullish trend for bitcoin. The next hurdle before hitting that price? $ 30,000: We will have to be careful when the price fluctuates around this level, probably in August.
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SEO Web Editor for 3 years, I specialize in cryptocurrencies, blockchain, trading and NFT.