Stock To Flow Creator Predicts Bitcoin’s Price at the Close of July, 70 Billion SHIB Burned in the First Half of 2022

According to pseudonymous stock to flow creator, PlanB, Bitcoin might close in July at this price. He states ‘’June 2022 was the first bitcoin monthly close below 200-week moving average (200WMA) ever. Now we are seeing a nice bounce back from the lowest levels. Would not surprise me if BTC closes July above 200WMA ($22K) again’’.

This might imply that Bitcoin could record a price above $22k at the close of July.

The current market structure, in which the long-term holders and the miners, who hold the greatest conviction cohorts, are under extraordinary pressure to give up, exhibits many characteristics of the later stage of a bear market, according to Glassnode.

A majority of the 44.7 percent of supply that is now being sold at a loss is held by the Long-Term Holder group. Nevertheless, this is still less severe than prior bear cycles. The onchain analytics company says that even if the market is deep into the bear phase, a solid bottom has not yet formed, and there is still work to be done.

Glassnode states that there is general evidence of widespread capitulation and severe financial difficulty. To completely test investor resolve and allow the market to form a strong bottom, there may yet be a combination of time pain (duration) and possibly additional downside risk.

Bitcoin traded at $20,790 at press time.

70 Billion SHIB Burned in the First Half of 2022

The first half of 2022 saw a surge in the burning of cryptocurrencies, with over 70 Billion SHIB being destroyed in burns by Shiba Inu owners.SHIB holders flocked in their numbers to burn their tokens for a variety of reasons, staggering across 4680 transactions and three different burn addresses.

While January, February, and March 2022 saw relatively effective SHIB burns, burning 1.3 billion, 1.4 billion, and 6 billion SHIB, respectively. In April, almost 26 billion SHIB were transferred to the burn wallet through an astounding 1974 separate burn transaction. However, May’s burn total was even more remarkable. 1331 transactions totaling 31 billion SHIB were burned.

These two months accounted for almost 80% of the SHIB burnt overall in 2022 and 70% of the trades. The official release of the Shiba Inu Burn Portal occurred at the same time as the sharp increase in burning that occurred in April and May.

From January to June, there were 70.59 billion incinerated, which equals over 390 million SHIB burned each day. A single burn for 10 billion SHIB also contributed to the May burn’s surge. This burn which cost $123,000 at the time, accounts for 14% of all SHIBs burned in 2022 to date.

However, the trend drastically changed in June. The burn rate was impacted by the widespread crypto collapse as Just 4.5 billion were obliterated in June.

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