560 Interactions, 2 today
According to analysts such as PlanB, Bitcoin (BTC) has plenty of space to rise in its latest bull run and “will not stop” at $100,000.
On Wednesday, the inventor of the stock-to-flow Bitcoin pricing model joined others in expecting massive new all-time highs for BTC/USD in a series of social media updates.
PlanB taps S2FX model’s $288,000 average price
With Bitcoin trading sideways below both its recent peaks of $58,300 and $61,700, investors are curious about where the 2021 bull run may end.
As Cointelegraph reported, depending on the price indicator used, the peak could be uncomfortably near or still far off. For followers of stock-to-flow, the answer remains firmly the latter: Compared with previous bull cycles, 2021 is just getting started.
“We are only 3.5 months into the Bitcoin bull market,” PlanB summarized.
“IMO BTC will not stop at $100K and will continue to S2FX $288K average price level (ATH will be higher).”
He cited his stock-to-flow (S2F) and stock-to-flow cross-asset (S2FX) models, which predict an average BTC/USD price of $100,000 and $288,000 over the current halving period, which is due to end in 2024.
This is just the average, and PlanB assumes that the end of this period could be double or even triple the amount — possibly in excess of $576,000.
Further 6x gains by December?
Bitcoin is now matching the stock-to-flow trajectory nearly exactly — “like clockwork,” as PlanB put it — and has yet to show signs that the cycle top is coming.
As noted by fellow analyst Rekt Capital, such signals usually take the form of BTC/USD breaking above the expected trajectory.
“Upside price deviations from the Stock to Flow line tend to precede Bull Market tops for BTC,” the Twitter account wrote.
“At the moment, $BTC is perfectly follow the Stock to Flow line. But Bitcoin hasn’t deviated from it — yet.”
Despite the fact that the stock-to-flow formula did not occur at the top of Bitcoin’s first halving interval price peak in 2011, it reached a trajectory deviation of 1,157 percent.
PlanB went on to say that the deadline for $288,000 was in December. He reasoned on Twitter that the bull run has “at least a few more months to go.”