Lorenzo Stroe
Independent Analyst
- Bitcoin price is currently around $11,900 after a notable breakout towards $12,000.
- The $12,000 level is still the most important resistance point in the short-term.
Bitcoin bulls are following the lead of Ethereum which had a massive breakout to $470. Unfortunately, Bitcoin was rejected again from $12,000 and needs to recover fast. For now, the rejection hasn’t gotten any type of continuation moves from the bears.
Stock-to-Flow model paints a really positive picture for Bitcoin
The popular but also heavily criticized Stock-to-Flow model is currently indicating that Bitcoin could reach a price of $17,622 on September 30. This projection might not be as difficult to achieve as it seems at first glance.
If we take a look at the weekly chart of Bitcoin, there are only two main resistance levels, one at $12,325 ($12,000 as well) and the next at $13,862, the two-year high. There are no other significant resistance points above $14,000 which means a move towards $18,000 is very likely if Bitcoin can crack $14K first.
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