Bitcoin (BTC) began May with a significant sell-off after losing crucial support at $60,000 and falling as low as $56,000 leaving many market participants anticipating further declines.
This plunge comes as the crypto market remains on the edge, with uncertainty lingering about the potential onset of the historical post-halving rally.
In light of these developments, crypto analyst Plan B shared insights into Bitcoin’s price outlook for the remainder of the month in a YouTube video posted on May 1.
Firstly, the expert delved into the Bitcoin stock-to-flow model, highlighting that Bitcoin closed slightly above $60,000 the previous month. While this marked a $10,000 drop from March, Bitcoin still maintained a 36% year-to-date increase.
Plan B emphasized the historical accuracy of the stock-to-flow model in predicting Bitcoin’s price. He pointed out that May 2024 marks the final month before the next halving event. Historically, each halving has coincided with a gray stock
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