The post Bitcoin Regains the ‘STF-Model’ Price: Decoding the Possibilities of BTC Price Reaching $100K in September 2024 appeared first on Coinpedia Fintech News
The recent bullish influence over the crypto markets has raised the Bitcoin price above bullish levels. Unfortunately, the bulls failed to hold the rally above the gains, resulting in a significant loss. The markets have been consolidating for over a few days, which resembles an accumulation before the next price action. However, the current trade setup indicates the BTC price could have entered a fresh distribution phase.
Regardless of the bearish pressures, Bitcoin continues to remain on track and is expected to form a high that is four times higher than the $100K milestone in the future.
Bitcoin has largely followed the Stack-to-Flow model or the S/F ratio and is used to predict the future of the BTC price. The recent bear market had dragged the levels lower than the projected price level, which has been reclaimed with the latest bullish push. The BTC price is trading back to its stack-to-flow model price, which was last seen in May 2022.
Each time the BTC price regains the STF price, the token has undergone a huge upswing to mark new highs. However, considering the flow of the model, it indicates that the Bitcoin price could reach the $100,000 milestone, somewhere in September 2024. Now that the price is just 30% away from its previous ATH close to $69,000, will the token trigger a 100% rally to reach $100K in the next 6 months?
Bitcoin’s historical price action suggests that the token is trading on an acute bullish trajectory, with a couple of sharp declines. The price is now testing one of the crucial resistance zones and it appears that the bulls are failing to defend the support. Therefore, a decent pullback may be imminent, as RSI is also bearish. The RSI has witnessed a drastic drop in the recent past, which has dragged the levels close to the average range. This has caused a drop of more than 40% to 50% in the BTC price.
Therefore, considering the previous price movement, reaching $100K in September, this year could be a tedious job for Bitcoin’s (BTC) price. However, the milestone is expected to be reached in the first half of 2025.
