Bitcoin price is currently trading at $10,500, holding strong above a key resistance level despite several retests of support. Not even negative news regarding a major crypto industry player, a hack, or the US President contracting COVID has been able to stop its momentum.
However, the leading cryptocurrency by market still remains significantly below the projections stock-to-flow advocates proposed for post-halving. According to crypto one analyst highly opposed to the model and believes market cycles are instead lengthening, says that Bitcoin has just “12 weeks” left to prove the four-year-cycle theory valid.
Crypto Analysts Challenges Four-Year Market Cycle Theories
“$55K by May 2020,” was a common phrase thrown around in the cryptocurrency community during 2019, after Bitcoin price had risen sharply from $3,000 to $13,000 in three months. Even CNBC hosts were citing the model at the time.
This was the result of the stock-to-flow model, investors hoped, but soon found out that the bear market wasn’t over. The cryptocurrency fell from the 2019 highs eventually slamming back down to the $3,000 range prior to the halving.
The halving has now come and gone, and Bitcoin is not only nowhere near $55,000 per BTC the model was projecting, but it is also still stuck at $10,000.
Related Reading | Analyst: Bitcoin Trajectory Ahead of Schedule, Peak Projected At $325K
Even after reaching $12,400 in 2020 thus far has only resulted in a lower high – typically a bearish sign that lower lows could be next.
For now, it doesn’t necessarily mean that the stock-to-flow model should be thrown out the window, but more and more opposing analysts are drawing a line in the sand. Recently, various levels of invalidation were provided that would prove the stock-to-flow model or any variation of it was wrong.
Now, another top crypto analyst who instead believes in lengthening cycles for Bitcoin instead is claiming that if the cryptocurrency…