Bitcoin (BTC) price dropped to $3,700 for a brief period on March 12, ending the day at $4,970. By March 13, the price recovered from the major downtrend, ending the day at $5,563 and showing an impressive return of over 11%.
The recent market turmoil, whether in traditional markets or the crypto space, has raised questions on the price evolution for Bitcoin, as well as its crucial network features. Let’s take a look at four key Bitcoin price and network metrics in order to gain some insight into the future of the crypto market’s largest asset.
Stock-to-flow model remains intact
Looking at the stock-to-flow model – a Bitcoin price forecasting model based on the available circulating supply (stock) and the new production output (flow), Bitcoin’s actual price on Thursday is below the forecasted line but within the expected thresholds.
This is not the first time that Bitcoin’s price fell below the 365-das price model, as it happened for 6 months (between mid-November 2018 and mid-May 2019), bouncing over the forecast since then. Read More...