It looks like bitcoin is suddenly enjoying being bullish. Following its sudden rise into the $10,700 range just yesterday, the world’s number one cryptocurrency by market has sudden shot up by more than $100 and is now trading in the high $10,800 space.
Bitcoin Is Suddenly Heading for the Top
Things do appear to be moving up for bitcoin. The question is, “Will this newfound bullish behavior last, or is bitcoin just experiencing another odd change?” It’s hard to tell at this point considering how well bitcoin was doing throughout much of August. It wasn’t until September came into play that the asset suddenly decided it was tired of friends with horns (bulls) and wanted, instead, to hang in a new crowd. Preferably one with claws (bears).
The good news is that bitcoin is moving forward. Overall, the currency has added about $500 to its price over the past few days, and granted things can continue going in this direction, the currency should have no problem hitting $11,000 again soon. Bitcoin spent most of last month traversing this territory, and from there, enthusiasts and traders everywhere will have to await the long-desired $12,000 mark.
It seems new bullish trends and patterns are being supported by analysts such as Plan B, who has made quite the name for himself on social media platforms such as Twitter. In a recent string of messages, Plan B – the pseudonym for the analyst, who today remain anonymous – explained that the S2F chart suggests that bitcoin is on the verge of moving up again, and that its latest string of slight drops are typically witnessed prior to heavy jumps.
In a recent tweet, he comments:
S2F version 1 update: this is the 2019 time series model on historical BTC data only (no gold, silver, diamonds or real estate data used). You see the jump in model value at the halving (white line) and corresponding drop in S2F multiple/ model error (white dots). Time to go up.
Plan B also included the corresponding chart in his message to ensure his followers and readers knew what he was talking about.
Could Things Happen Super Fast?
While this all seems rather pleasant and rewarding, we can’t forget that the S2F chart initially suggested that bitcoin would strike a price of approximately $288,000 per unit. This is huge for bitcoin, and while a date range was not given for this price, it’s a bit of a leap to assume that bitcoin could quickly jump from the $10K range all the way to nearly $300,000 anytime soon.
Still, the fact that bitcoin continues to move up after a few days is a good sign that perhaps this isn’t a fluke of sorts and that the world’s primary digital asset is recovering quickly from the ugly drops it recently incurred.