Bitcoin's 200-week moving average (200WMA) has been rising by around $200 each month and new data shows the Current price floor for the benchmark cryptocurrency is $6,700.
In a tweet, PlanB, the analyst who developed the popular Stock-to-Flow (S2F) model, said Bitcoin has never gone lower than the current 200WMA.
If past history would reflect future behavior, then the current 200WMA at $6,700 should represent Bitcoin's price floor and would never go lower, Cointelegraph reported.
Despite Bitcoin's current stagnant price, sentiment around the benchmark cryptocurrency remained optimistic and bullish.
It was helped by various bullish predictions, including PlanB’s S2F model , which implied that Bitcoin will slowly climb to $100,00 and by 2024, trade at an average of $288,000 per BTC.
Bloomberg remained cautiously optimistic, but last June, its Cryptocurrency Market Outlook predicted Bitcoin would revisit $20,000 by the end of the year.
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