Bitcoin sets eyes towards $60k, S2F prediction set to fail

Bitcoin
Bitcoin

Bitcoin’s bearish streak seems to be over, as the king of cryptocurrencies had turned bearish a few days ago. 

As per data from CoinMarketCap, the trading volume of Bitcoin rose by 3.08% and is currently at $34 billion. On the other hand, the market cap of the token currently rests at $1.11 trillion.

The daily candle for today started at $57,138, reaching a daily high of $59,930, followed by a daily low of $57,000. The current price of the cryptocurrency is $59,000 as bulls took over the price action, and the king coin broke above the resistance of $58,000.

The nearest support levels are present at $57,000, and after reaching the daily low, prices rebounded to higher levels. TheCoinRise noted that Bitcoin on-chain analysis shows that long-term holders have started taking profits and distributing their BTC

Bitcoin price analysis on the daily chart

The RSI levels are currently in the bearish region, i.e., below the 50-level. However, the RSI line gradient is positive as buyers are currently taking the opportunity of lower prices.

The MACD line (blue) is progressing below the signal line (orange), which is a bearish condition. However, the two lines are moving closer as TheCoinRise recently reported that long-term Bitcoin holders are hitting an all-time high. We might see the MACD line break above the signal line, resulting in a bullish divergence.

Bitcoin price analysis
BTC price chart by TradingView

The price fractal is currently below the 50-day Moving Average, but the greenish engulfing daily candle today aims to take over this important zone. Moreover, the 100-day Moving Average continues to remain as support.

The Bitcoin prices are still accelerating in the lower zone of the Bollinger Bands. The bears were unable to break out from the lower end as bulls took over and prices were moving towards the upper end of the Bands.

Bitcoin price analysis
BTC price chart by TradingView

PlanB, a Dutch crypto analyst, who predicted the 2019 bull run using his stock-to-flow (S2F) model, also made a prediction regarding Nov 2021. According to his prediction, BTC prices would reach above $98K in Nov 2021. However, it seems that his prediction will fail as Bitcoin currently rests at $59K, much lower than what PlanB estimated.