Bitcoin (BTC) is approaching $ 288,000 and above “like an hour” when the paper currency stairs escalate and European inflation becomes negative.
In a tweet on September 1, PlanB, the creator of the Bitcoin Price Model (S2F) family, said that BTC / USD performed exactly as expected in August.
Bitcoin price: another month, another red dot
Referring to the monthly closing price since the blockchain was halved, PlanB indicated that each is in line with expectations of the S2F cross-asset model.
Summarize “Bitcoin … like a clock”.
Bitcoin has now placed its fourth so-called “red dot” on the S2F chart since May. After two previous cuts in half, there are only a few months left of the huge price increase.
According to S2FX, the current half-cycle, which, like others, is four years old, should lead to a $ 288,000 Bitcoin price concentration. The peak, as PlanB previously explained, can be more than twice as large.
The BTC / USD pair again tried to break the $ 12,000 resistance level on Tuesday, settling $ 11,950 before the Wall Street trade.
Winklevus: US dollar ‘turns into shit’
Bitcoin’s strength is evident in the new bad news from central banks. This time the focus has been on Europe, as the European Central Bank (ECB) showed that inflation in the eurozone fell into negative territory for the first time since 2016.
This, noted market commentator Holger Sischitz, is happening despite the large influx of liquidity from the European Central Bank. Thus, the net result of the increase in the money supply has been deflation.
“Oh! It seems that the European Central Bank has not stimulated inflation by printing money,” tweeted Zschitz.
In the US, the dust continues to settle after the Fed last week said about inflation – it would allow it to exceed 2% temporarily.
Proponents of bitcoin and gold were pleased with the price effect of this policy, but urged others to distance themselves from the influence of the US dollar.
Gemini exchange co-founder and founder Tyler Winklevoss continued the tone on Tuesday.
“The US dollar is converting to citecoin faster than you can imagine,” he told Twitter followers, “Bitcoin is the key to salvation.”
As the Cointelegraph reported, the purchase of Warren Buffett’s gold increased by $ 6 billion, and then Japanese assets, the feeling of fatigue for the dollar.