The star crypto after recording 8 strength red-weekly candles, Bitcoin ignited a bullish start for the week. The prices rebounded well from the bottom after a brief consolidation for a couple of days. The asset is expected to keep up the bullish momentum as it has broken the 20-day downtrend and he lowered resistance at $29,000.
Considering the upcoming movement, the BTC price appears to be well in place as one of the models predicts a breakout very soon. PlanB, the creator of the Stock-to-flow(S2F) model refers to the 2019 breakout and believes the original $55,000 model is right! And with this as a base, the asset may rise by 14x ahead.
On the other hand, another bullish scenario for Bitcoin (BTC) price emerges as, as per some reports, the institutions who accumulated BTC in 2020, haven’t sold them yet. Ki Young Ju, CEO of crypto quant refers to the custodian wallets and says that the same amount of Bitcoin is present in the wallets that flew from Coinbase to the institutions in December 2020.
And hence as Bitcoin was heavily accumulated around $23,000, these levels become the major support for the star crypto. Therefore, the asset is likely to remain above these levels, in the worst bearish case, while the possibility of a significant upswing from $30,000 emerges. Yet the speculations of the BTC price rally ranging towards its highs are hovering as Elon Musk is reportedly speculated to have flashed a signal for the bull run ahead.
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