Will Bitcoin price continue bullish momentum to cross April ATH or correct by the end of August?

By Selena On Jul 5, 2021

As AZCoin News reported, July is an important month for Bitcoin. After a series of setbacks, Bitcoin price seems to be trying to bounce back. Now, the question is, will BTC continue its upward momentum to hit April ATH or even surpass it? Or will there be another consolidation phase at the end of August?

Get ready for the worst-case scenario for Bitcoin price

Bitcoin analyst known for his Stock-to-Flow PlanB model laid out worst-case scenarios for Bitcoin.

“June closing price $35,037 .. as far below S2F model as in Jan 2019. The next 6 months will be made or break for S2F (again),” he tweeted.

Source: PlanB/Twitter

Expanding on this on the same thread, PlanB also added his worst-case scenarios for the current month. “And my worst case scenario, the floor, for July is $28K (monthly close). Aug $47K. Very interesting times ahead”, he stated.

Moving on to next month, Bitcoin’s bull phase is not over yet as its price could increase by more than 40% by the end of August.

“My on-chain data (color overlay in the chart below) tells me this bull is not over and 64K was not the top. That is in line with the s2f(x) model. Also, my floor indicator (not based on s2f) says we will not go below 47k Aug close”, he said.

Source: PlanB/Twitter

The analyst asserts that $64,000 is not the top of the bull run. However, back to the question many are asking, will Bitcoin move higher or see price consolidation over the next few months?

Later, PlanB admitted its hasty analysis disproved the idea of profit reduction. According to this concept, each Bitcoin bull cycle is less volatile. The same is illustrated here.

Source: PlanB/Twitter

Bitcoin’s price action in the next six months will be crucial and it would be interesting to compare it with the S2F Bitcoin predictions.

As things stand, PlanB laid out two scenarios for Bitcoin:

Was $64K the top and will we oscillate between $25K-50K?
Or was $64k not the top and will the bull market resume towards S2F $100K-288K?

“My money is on 2”, finally he said.

This isn’t the first time PlanB has made those forecasts. He’s sure about the $100,000 and $288,000 expected prices that match his S2F and S2Fx models.

Elsewhere, although evaluated and warned by six countries, the data showed that Binance’s Bitcoin and stablecoin reserves did not show any particular fluctuations. This is also good news that strongly supports the market price.

Source: Glassnode

This shows that the market did not really panic about Binance being warned by these countries. On the contrary, when the Chinese government cracks down, Huobi often sees a large outflow, indicating that the market is truly panicking | Source: CryptoQuant

The average leverage ratio of Bitcoin on the exchange has returned to the level before May 19. Binance, like the exchange with the largest contract volume, has reached a three-month high, the market’s future volatility will increase.

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