$BTC may be entering a crucial phase, according to popular on-chain analyst PlanB, who believes the market could be forming a long-term bottom after July closed around $62,818.
The latest monthly close has sparked fresh debate among traders, with many watching closely for signs that $BTC correction may be nearing its end.
Why the July Close Matters
Monthly closes often carry more significance than daily price movements because they reflect broader market sentiment. $BTC July close near $62.8K suggests that buyers continue defending an important support zone despite weeks of volatility.
PlanB noted that Bitcoin's current price action resembles previous periods where the market established a base before beginning a stronger upward trend.
Stock-to-Flow Perspective
PlanB is widely known for creating the Stock-to-Flow (S2F) model, which evaluates Bitcoin's scarcity relative to its supply. While the model has faced criticism during certain market cycles, PlanB continues to use on-chain metrics and long-term data to assess Bitcoin's position.
From his perspective, the current market structure appears more consistent with accumulation than the beginning of a major bear $$$market.
What do you think? Is Bitcoin building a bottom, or is more downside still ahead? Share your view below!