In 2020 so far, Bitcoin is up 30% while trading at $9,500, starting June with 0.76% losses.
In May, BTC went through ups and downs and made several attempts to take over the $10k level. But overall it remained in the range of $8,500 and $10,000 which continued to get tighter.
After 10.58% of losses in the first quarter of 2020, in the second quarter so far, we are up 48.56%.
As per the Relative Strength Indicator, bitcoin is currently neutral at a reading of 55, the same as market segments with the Crypto Fear and Greed Index having a reading of 50.
However, the good thing is the popular stock to flow model has printed the first red dot, indicating we are at the beginning of a bull run.
The updated S2F chart which has been expected since the third block reward halving last month points to the starting of the next 18-months bitcoin price cycle with its top at $100,000 by the end of 2021, as analyst PlanB has previously pointed out.
However, along the way, bitcoin will go though some pullbacks as occurred in the previous cycles as well.
As we reported, there are a number of factors working in favor of a new bull market. The institutional interest is growing, with Grayscale consuming more bitcoin than what is being created while supply is already entering the market at half the pace it was before halving.
Bitcoin investors are also preferring to holding than looking to sell their BTC in the near future.
No $1 million for Bitcoin
While Bitcoin is making its way to a new bull market, John McAfee, the eccentric billionaire who predicted in 2018 that bitcoin would reach $1 million by the end of 2020 or he will “eat my dick on national television”, dismissed it this weekend.
“What idiot could believe such nonsense?” said the 74-year-old about his prediction which is “the most crippled crypto-tech.”
He called out people to “wake up” on twitter adding “If Bitcoin ever hit $1 mil, it's market cap would be greater than the GDP of the entire North American Continent.”
“Whale Fucking is a thousand times more likely to make its way onto the Olympics Stage,” than Bitcoin skyrocketing 10,426% from its current level, stated McAfee.
As a matter of fact, the first bitcoin rally from late 2012 to 2014 was 10,000%. However, the percentage of gains has been dropping after that with every bull run.
This time he had this to say, “Are you one of the persons who did not see the absurd humor in it?”