{"id":127396,"date":"2020-03-10T07:00:45","date_gmt":"2020-03-10T07:00:45","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=127396"},"modified":"2020-03-10T22:22:51","modified_gmt":"2020-03-10T22:22:51","slug":"this-economic-model-shows-bitcoin-on-track-for-a-1000-climb-despite-recent-selloff","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/this-economic-model-shows-bitcoin-on-track-for-a-1000-climb-despite-recent-selloff\/","title":{"rendered":"This economic model shows Bitcoin on track for a 1000% climb despite recent selloff"},"content":{"rendered":"<p>Bitcoin (BTC) has been subjected to an unrelenting downtrend over the past few weeks, which has occurred in tandem with the selloffs seen by more traditional asset classes.<\/p>\n<p>This has led the digital asset to erase the bulk of its 2020 gains, and potentially invalidate the bullish market structure resulting from this recent uptrend.<\/p>\n<p>Analysts are now widely noting that Bitcoin is currently hovering just above a key high time frame support region, making it imperative for bulls to defend against further losses.<\/p>\n<p>Importantly, one widely respected economic indicator is showing that Bitcoin is still on track to see a notable parabolic rally in the days and weeks ahead, which could lead the crypto to rally as high as $100,000.<\/p>\n<h2><strong>Bitcoin sees intense selloff as analysts watch key high time frame support<\/strong><\/h2>\n<p>At the time of writing, <a href=\"https:\/\/cryptoslate.com\/bitfinex-bitcoin-whale-hints-recent-bitcoin-rally-to-9850-is-manipulated-and-unsustainable\/\">Bitcoin<\/a> is trading down just under 7 percent at its current price of $7,780, which marks a notable decline from daily highs of just under $8,800 that were set prior to the crypto\u2019s capitulatory selloff that kicked off in the latter part of yesterday.<\/p>\n<p>BTC buyers have been able to defend the cryptocurrency\u2019s key support at $7,700 so far, which appears to be the only near-term support region that is stopping it from seeing a significantly further downside.<\/p>\n<p>Bitcoin Jack \u2013 a well-respected crypto analyst on Twitter \u2013 spoke about this in a <a href=\"https:\/\/twitter.com\/BTC_JackSparrow\/status\/1237064760199282708\">recent tweet<\/a>, explaining that after losing its key Point of Control (POC) at $7,950 the crypto is now hovering above a cluster of key support regions.<\/p>\n<blockquote><p>\u201cSome thoughts here on BTC. We moved -27% since the top. We arrived at a cluster of daily, weekly and monthly support levels, after losing POC. The reactions, if they are bullish, are often strong and quick.\u201d<\/p><\/blockquote>\n<figure id=\"attachment_127410\" aria-describedby=\"caption-attachment-127410\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-127410 size-large\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/BTCJack-1024x479.png\" alt=\"Bitcoin BTC\" width=\"1024\" height=\"479\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/BTCJack-1024x479.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/BTCJack-300x140.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/BTCJack-768x359.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/BTCJack-1536x719.png 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/BTCJack.png 1814w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-127410\" class=\"wp-caption-text\">Image Courtesy of Bitcoin Jack<\/figcaption><\/figure>\n<h2><strong>Economic \u201cS2F\u201d model offers highly bullish outlook for BTC<\/strong><strong>\u00a0<\/strong><\/h2>\n<p>It is important to keep in mind that despite the ongoing selloff, <a href=\"https:\/\/cryptoslate.com\/bitcoin-plummets-to-key-support-as-analysts-eye-potential-further-downside\/\">Bitcoin<\/a> is still on track to see notable gains according to its <a href=\"https:\/\/medium.com\/@100trillionUSD\/modeling-bitcoins-value-with-scarcity-91fa0fc03e25\">\u201cstock-to-flow\u201d model<\/a> that has been popularized by prominent Bitcoin analyst PlanB.<\/p>\n<p>He <a href=\"https:\/\/twitter.com\/100trillionUSD\/status\/1236741267440259072\">explained<\/a> in a recent tweet that BTC is still on course to follow the course this model sets forth, which could mean it will soon see an over 1000% rally to fresh all-time highs around $100,000, with this rally coming about alongside the crypto\u2019s upcoming mining rewards halving.<\/p>\n<blockquote><p>\u201cBitcoin S2F chart adjusted for today's \u2018crash\u2019 &#8230; nothing really happened, BTC still spot on S2F track.\u201d<\/p><\/blockquote>\n<figure id=\"attachment_127411\" aria-describedby=\"caption-attachment-127411\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-127411 size-large\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/PlanBS2F-1024x576.png\" alt=\"Bitcoin BTC\" width=\"1024\" height=\"576\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/PlanBS2F-1024x576.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/PlanBS2F-300x169.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/PlanBS2F-768x432.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/PlanBS2F-1536x864.png 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/PlanBS2F-2048x1152.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-127411\" class=\"wp-caption-text\">Image Courtesy of PlanB<\/figcaption><\/figure>\n<p>Unless BTC sees significantly further downside going into its upcoming halving event, it is a strong possibility that it still has further room to grow in the weeks and months ahead.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) has been subjected to an unrelenting downtrend over the past few weeks, which has occurred in tandem with the selloffs seen by more traditional asset classes. This has led the digital asset to erase the bulk of its 2020 gains, and potentially invalidate the bullish market structure resulting from this recent uptrend. Analysts [&hellip;]<\/p>\n","protected":false},"author":174,"featured_media":127432,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>This economic model shows Bitcoin on track for a 1000% climb despite recent selloff<\/title>\n<meta name=\"description\" content=\"One widely respected economic indicator is showing that Bitcoin (BTC) is still on track to see a notable parabolic rally in the days and weeks ahead\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/this-economic-model-shows-bitcoin-on-track-for-a-1000-climb-despite-recent-selloff\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"This economic model shows Bitcoin on track for a 1000% climb despite recent selloff\" \/>\n<meta property=\"og:description\" content=\"One widely respected economic indicator is showing that Bitcoin (BTC) is still on track to see a notable parabolic rally in the days and weeks ahead\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/this-economic-model-shows-bitcoin-on-track-for-a-1000-climb-despite-recent-selloff\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-10T07:00:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-03-10T22:22:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/bitcoin-climb.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Cole Petersen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Cole Petersen\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/this-economic-model-shows-bitcoin-on-track-for-a-1000-climb-despite-recent-selloff\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/this-economic-model-shows-bitcoin-on-track-for-a-1000-climb-despite-recent-selloff\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/#person\",\"name\":\"Cole Petersen\",\"url\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/author-cole-petersen.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/author-cole-petersen.jpg\",\"caption\":\"Cole Petersen\"},\"jobTitle\":\"Journalist\",\"description\":\"Cole is a freelance journalist and university student studying philosophy. 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He owns a non-life-changing sum of Bitcoin and enjoys day trading.","url":"https:\/\/cryptoslate.com\/author\/cole-petersen\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/127396"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/174"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=127396"}],"version-history":[{"count":4,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/127396\/revisions"}],"predecessor-version":[{"id":127468,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/127396\/revisions\/127468"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/127432"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=127396"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=127396"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=127396"},{"taxonomy":"prediction_market_topic","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/prediction_market_topic?post=127396"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=127396"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}