At the current rate of adoption, it will take 20-50 years for Bitcoin to break even. Is this a realistic timeline or just wishful thinking?
The price of Ethereum is predicted to reach $1,500 by 2025. Read more in detail here: Ethereum price 2025 forecast.
Bitcoin (BTC) rose overnight to new all-time highs on June 3 as US markets capped losses.
1 hour candle chart of BTC/USD (bit stamp). TradingView is the source of this information.
Wall Street offers short-term respite.
According to data from Cointelegraph Markets Pro and TradingView, BTC/USD gradually rose to $30,670 on Bitstamp before stabilizing.
The mood among equities was firmer during the June 2 session, with the S&P 500 regaining most of its lost ground over the past month. The Nasdaq Composite Index finished 2.7% higher.
Popular analyst TechDev noted an impending turning point when he compared the size of the crypto market to the Nasdaq.
It has the potential to be intriguing. pic.twitter.com/i0k8oEyhw3 #BTC/$NDQ
June 2, 2022 — TechDev (@TechDev 52)
Fellow trader and analyst Pentoshi, meanwhile, gave a sobering outlook for the S&P 500 on weekly timesheets going forward.
This is my current working hypothesis regarding the #SPX and the markets in general. 3840 has already been mentioned as a critical location.
I think we’ve just hit our swing bottom and next week will look like the red portion of the chart, with a bigger low than last week, and thus ST danger. pic.twitter.com/TOOn6KP9Th https://t.co/o7uv2b40BF pic.twitter.com/TOOn6KP9Th
May 22, 2022 — Pentoshi (@Pentosh1)
Bitcoin is also subject to predictions for a pullback that would take it beyond the $23,800 lows seen in May.
Crypto Tony’s target price remains between $22,000 and $24,000, with a trend break of $32,500 needed to consider long scalping.
Meanwhile, Cointelegraph writer Michal van de Poppe added to his short-term plan: “Bitcoin maintained the $30K mark, so long would still be intact from the $29.3K zone.”
“Right now, flipping $30.3K would be a continuation to $31.8K.”
BTC/USD was around $30,500 at the time of publication.
Timmer: A “new look” at Bitcoin supply and demand is needed.
Zooming out, an on-chain expert has become the last to criticize the Stock-to-Flow (S2F) BTC pricing model, which is more divisive.
For the first time since March 2020, this traditional Bitcoin measure is signaling buy.
Stock-to-Flow has been more marginalized as its originator, PlanB, has been criticized for failing to substantiate its 2021 year-end projection of $100,000.
Jurrien Timmer, head of global macro at the on-chain analytics startup Glassnode, admitted the model’s flaws, researched it and suggested a change that he said would improve its value.
A dedicated Twitter thread started: “It’s time for a new look at Bitcoin’s supply and demand dynamics.”
Timmer recommended using Bitcoin’s supply curve to generate a more cautious price appreciation trajectory. He believed that the outcome already more accurately reflected BTC’s price behavior than rough S2F predictions in the past.
In hindsight, this more moderate supply model was more accurate than the original S2F estimates for this halving cycle, as can be seen in the close-up below. /15 image twitter.com/65WgS4Hody
June 2, 2022 — Jurrien Timmer (@TimmerFidelity)
“If all goes well, it predicts a stronger but less speculative rise than before. He went on to say, “Maybe many years sideways, consistent with the halving cycle, and likely long-term volatility.”
Bitcoin’s monthly close in May was the lowest since December 2020, according to PlanB.
The next block subsidy halving, as CoinTelegraph revealed, is gradually looming as a defining moment for a return to positive power.
The thoughts and opinions of the author are entirely his or her own and do not necessarily reflect those of Cointelegraph.com. Every investment and trading choice has risks, so do your homework before making a decision.
The “stock to flow model” is a way for analysts to predict the bitcoin price. This model was first presented in October 2017, but has recently been updated and re-presented by an analyst.
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