The cryptocurrency king Bitcoin has been the talk on many dinner and breakfast tables lately after surpassing its previous all time high to set new records and standards. The Bitcoin price ran up to new high of $23862 at the time of writing with the number to cryptocurrency Ethereum hitting as high as $676 with more upside to be seen in the upcoming months. Although the Bitcoin price has been at a tier the US Dollar Index (DXY) has been losing support hitting new lows as money printing continues to hit the roof with new stimulus expected as attempts to rescue Americans from financial burden.
The stock to flow S2F model which has been the leading indicator for the Bitcoin Price predicts an upside target of up to $200k with a bearish downfall of up to $50k for this current Bitcoin price. The new all time high indicates that currently everyone is in the profit zone including those who bought the 2017 highs and it is yet to be seen if the bulls will take charge or the bears will take over the market.