Wobbly stocks and oil contrast with booming gold to provide potential upside for Bitcoin, but fundamentals still need to pick up.
Bitcoin (BTC) is going into the third week of its new halving cycle just $550 away from five figures — but what could really impact price this week?
Cointelegraph takes a look at the main factors that could help or hinder the biggest cryptocurrency over the coming days.
Double down difficulty adjustment incoming
All things being equal, however, Bitcoin still faces a downward difficulty adjustment in three days’ time.
One of the Bitcoin network’s most important features, automatic adjustments ensure miners remain incentivized to participate in transaction validation.
As noted previously, Bitcoin has not had two back-to-back downward adjustments since the bottom of its bear market in December 2018.
Stock-to-flow excitement begins once more
At the focal price point of $9,500, Bitcoin is behaving exactly as forecast, according to the creator of the historically very accurate stock-to-flow price model. June 1 produced a crucial “red dot” on the model, which has previously signaled the start of a bullish phase.
For the stock to flow, each bullish phase ups the price by an order of magnitude this time around, highs by 2024 could reach $576,000 or more.
This post was curled from https://cointelegraph.com/news/stocks-safe-havens-and-hodlers-5-things-to-eye-in-bitcoin-this-week
