BreakingBitcoin (BTC) Price Hits New All-Time High, Crosses $71,000

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Bitcoin price has formed a new all-time high, crossing into the $71,000 zone. The rally, however, is still ongoing at the time of writing.

In the span of six days, the world’s biggest cryptocurrency has gained over 40% to trade at $71,000 at the time of writing. BTC is now close to breaching the $72,000 level. 

BreakingBitcoin (BTC) Price Hits New All-Time High, Crosses ,000
BTC/USDT 1-day chart. Source: TradingView

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Bitcoin (BTC) Price Hits New All-Time High, Crosses $71,000

Related: This Indicator Predicts When Bitcoin Will Reach $5 Million

In Brief The Bitcoin Stock-to-Flow (S2F) model, highlighting scarcity, predicts significant price increases for Bitcoin by the 2024 and 2028 halvings. Critics, including Ethereum co-founder Vitalik Buterin, argue the S2F model oversimplifies market dynamics, potentially misleading investors. Despite skepticism, the model forecasts Bitcoin reaching $5 million post-2028 halving, sparking debate within the cryptocurrency community. As the 2024 Bitcoin halving approaches, investors speculate about the potential impact on Bitcoin’s price due to increased scarcity. Among several methods to predict Bitcoin’s price, the Bitcoin Stock-to-Flow (S2F) model stands out. Popularized by X (formerly Twitter) user PlanB, the S2F model draws from traditional stock-to-flow ratios used in commodities markets, such as gold and silver, offering an intriguing forecast for Bitcoin’s future value A $5 Million Target After the 2028 Bitcoin Halving The stock-to-flow…

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