Bitcoin (BTC) climbed to fresh local highs overnight on June 3, following a fall in United States stocks.
Wall Street offers short-term relief
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD is bullish on Bitstamp to reach $30,670 before consolidating.
The mood among stocks was more solid during the June 2 session, with the S&P 500 reclaiming much of its ground lost over the past month. The Nasdaq Composite Index closed up 2.7%.
Analyzing the crypto market cap in comparison to the Nasdaq, popular analyst TechDev noted what could be an impending inflection point.
Fellow trader and analyst Pentoshi meanwhile issued a grim outlook for the S&P 500 on the forward-looking weekly time frame.
For my current working principle #spx And this is the market in general. I talked about 3840 earlier which was a prime location
I believe we just took our swing low and the next one will look like red part on weekly chart / higher low than last week and thus risk on ST https://t.co/o7uv2b40BF pic.twitter.com/TOOn6KP9Th— pantoshi (@pantosh1) 22 May 2022
Bitcoin itself continued to face calls for a retracement that would eclipse the May lows of $23,800.
crypto tony still targeted Between $22,000 and $24,000, one seeks to break a trendline currently near $32,500 to consider long scalping.
“Bitcoin held the $30K level, so will hold off from the $29.3K zone for the long term,” Cointelegraph contributor Michael van de Pope meanwhile added on his short-term strategy.
“Flipping $30.3K now will continue towards the possible $31.8K.”
At the time of writing, BTC/USD was priced around $30,500.
Timer: Bitcoin supply and demand need a “fresh take”
Zooming out, an on-chain analyst became the latest to take on the increasingly controversial stock-to-flow (S2F) BTC price model.
RELATED: This Classic Bitcoin Metric Is Shining for the First Time Since March 2020
Stock-to-flow has been increasingly sidelined as its creator, PlanB, is critical of the sector, after failing to validate its $100,000 end-of-year prediction in 2021.
Acknowledging the model’s potential shortcomings, Jurien Timmer, head of global macro at on-chain analytics firm Glassnode, revisited it, offering a tweak he argued would serve to increase its usefulness. Will do
“It is time to take a fresh look at the supply/demand dynamics of bitcoin,” a dedicated twitter thread began.
Timmer proposed taking into account the supply curve of bitcoin to produce a more conservative trajectory for price growth. He believed that the results already captured BTC price action more accurately than raw S2F forecasts.
The close-up below shows that this more modest supply model is more accurate than the original S2F estimates for this halving cycle. /15 pic.twitter.com/65WgS4Hody— Jurian Timmer (@TimmerFidelity) 2 June 2022
“If true, this suggests a still stronger but less pie-in-the-sky than before. Maybe several years of sideways, consistent with the halving cycle, and potential volatility continuing,” He continued.
had planb noted That May’s monthly close was bitcoin’s lowest level since December 2020.
As Cointelegraph reported, the event of the next block subsidy halving seems to be a line in the sand for an increasingly bullish return.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, so you should do your own research when making a decision.