The Stock-to-Flow model promises Bitcoin growth to $85,000.
The nearest target for the growth of the first cryptocurrency may be the level of $46,000.
On Monday, Bitcoin broke through the round psychological level of $40,000 and tested three-week highs around $41,000.
The day before, the first cryptocurrency soared by 9% after Elon Musk's tweet about the condition for resuming sales of Tesla for BTC. To do this, you need at least half of the bitcoins to be extracted from renewable energy sources.
The crypto market is experiencing another phase of excitement following the positive decision of the Parliament of Salvador to include bitcoin in the official payment methods in the country. On the positive side for BTC, we can also note the statement of MicroStrategy about the purchase of coins for $500 million.
The research service Whalemap believes that Bitcoin overcoming the resistance at $40,000 will trigger a powerful rally to the goal at $46,000. According to Santiment, against the background of the market correction, whales increased their positions in the first cryptocurrency by 80,000 BTC.
The popular Stock-to-Flow (S2F) model and on-chain indicators indicate the completion of the correction and the growth of bitcoin to $85,000 by the end of the year, according to DecenTrader. Experts analyzed the dynamics of a number of on-chain indicators and found similarities with the events of December 2018 and March 2020, when the prerequisites for changing the trend to a growing one were formed.
Traders in the options market are betting on a Bitcoin surge of up to $200,000 by the end of the year. The Deribit exchange has 425 Call options with an exercise price of $200,000 per Bitcoin by December 31.
Such contracts are currently very cheap and trade on Deribit for just 0.018 BTC ($698). However, if the option is executed by the specified deadline, traders will be able to increase their investments by more than 50 times.
Meanwhile, another country may recognize Bitcoin and other digital currencies as legal means of payment. On June 14, the President of Tanzania announced her government's intention to pass a law on the cryptosphere.