PlanB Doubles Down on Huge Bitcoin Price Prediction Despite Collapse Below $40,000
The crypto analyst known for first applying the stock-to-flow model (S2F) to Bitcoin is undeterred by the top cryptocurrency’s brutal price action.
Bitcoin tracker PlanB is sharing his thoughts on the asset’s trajectory, after Bitcoin dipped roughly $8,000 in the span of one hour this week, sinking to $30,414, according to CoinGecko.
The S2F, traditionally used to track the performance of commodities like precious metals, compares an asset’s price to its available supply.
Plan B has amassed a strong following with the stunning accuracy of the S2F and the S2FX, a variation of the S2F, which also takes into account gold and silver’s performance to reach a price estimation for Bitcoin.
In a new tweet, PlanB reiterates his view regarding where we are in the current bull cycle, asserting that Bitcoin is only a few months into its bull run.
“Just to be clear: I do not think $60,000 was the top, far from it, because I do not see the kind of transactions that normally happen after an all-time high (red dots). In fact, I think we are just a couple of months out of the bear market (blue dots). And yes, this on-chain view fits S2F(X).”
The analyst issues his reminder as he senses traders and investors are losing sight of Bitcoin’s long-term trajectory amid concerns over Bitcoin’s energy consumption, propagated most recently by Tesla CEO Elon Musk.
“I also see a lot of people ignoring the four-year halving cycle and being distracted by energy FUD (fear, uncertainty and doubt) or ‘better, faster, cheaper’ altcoins.”
Ultimately, PlanB’s S2F model shows Bitcoin reaching $100,000 and his S2F model has Bitcoin jumping past $288,000 before the next bear market hits.
One of PlanB’s followers who goes by Goumzem, questions whether PlanB’s model could be inaccurate, not because he they appear to believe that Bitcoin will not summit the six-figure mark, but because inflation may help Bitcoin avoid a bear market all-together.
Although, PlanB does not believe we’ve entered a Bitcoin bear market, he does assume that a new one will occur in the future.
“Greed and fear are here to stay, inflation will not eliminate fear.”
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Gonin/MicroOne