Grider says that a healthy pullback may even strengthen the bull case for the flagship cryptocurrency. Grider also points out that other cryptocurrencies continue to perform relatively well despite the BTC pullback. Ethereum, for instance, only dropped by about 5% from its most recent high. He says that the lack of volatility seen in other crypto assets suggests that the top is not yet in and that this indicates continued strength for the crypto market.
Bitcoin may still be in the middle of its bull run
Proponents of the stock-to-flow model also remain bullish for the benchmark crypto. The idea behind the pricing model is that the price of bitcoin will increase when its scarcity continues. It predicts that the value of BTC will rise by 10 times over the next few years. Twitter user PlanB, the creator of the stock-to-flow model, says that the Bitcoin bull run is not yet over and that the top crypto will continue to see new highs. He says that BTC may still be in the middle of its run leading to hitting the stock-to-flow target of up to $288,000. Other analysts and traders also remain optimistic, pointing at the past cycles of Bitcoin, when BTC posted significant gains following a massive drop. [binance] Read more cryptocurrency news. Featured image via GoinGeek YouYube
