Bitcoin made a bullish start to the week after Star Crypto recorded 8 strength red-weekly candles. After a brief consolidation for a few days, the price rebounded nicely from the bottom. The asset is expected to remain bullish as it broke the 20-day downtrend and turned resistance near $29,000.
Considering the upcoming movement, BTC price seems to be well placed as one of the models predicts a breakout very soon. PlanB, the maker of the stock-to-flow (S2F) model, refers to the 2019 breakout and believes the original $55,000 model is accurate! And as a basis for this, the asset can move 14x.
On the other hand, another bullish scenario emerges for the price of bitcoin (BTC), as institutions that hoard BTC in 2020 are yet to sell them, according to some reports. Key Young Joo, CEO of CryptoQuant, referred to custodian wallets and said that the same amount of bitcoin exists in wallets that flew from Coinbase to institutions in December 2020.
And so since bitcoin had accumulated around $23,000, these levels became major support for Star Crypto. Therefore, in case of a worst bearish downturn, the asset is likely to stay above these levels while there is a significant upside potential above $30,000. Nevertheless, speculation about its high level of BTC price growth is swirling as Elon Musk is reportedly given a signal for a bull run.