PlanB, the pseudonymous crypto analyst who has amassed a large following with his stock-to-flow model (S2F), says that his $288,000 BTC price prediction is still intact.
In a new tweet, PlanB doubles down on his massive price target for Bitcoin despite the asset’s crash to $30,000 and its failure to reclaim $40,000 since the drop.
The analyst posits that Bitcoin still has a solid chance at keeping pace with his variated S2F model, the S2FX, which is traditionally used to track the performance of commodities like precious metals. PlanB is known for being the first to apply the S2F model, traditionally used for commodities, to Bitcoin.
“$288,000 still in play. It would really surprise me if Bitcoin would not touch the black S2FX model line this phase. Regardless of current volatility, yellow, green and blue dots will be (much) higher than red and orange dots.”
PlanB says he believes Bitcoin is now at a point where it’s becoming an alternative to gold and real estate as a store of value.
“Bitcoin is currently competing with gold & real estate as store of value. I was an old gold bug, sold my gold and bought Bitcoin with it. I see friends making the decision to not buy an extra house but BTC instead. So in my opinion BTC will be in that value range.”
The quantitative analyst has garnered much attention due to the accuracy of the S2F and the S2FX, a variation of the S2F model which takes into account gold and silver’s performance to predict BTC’s potential value in the future.
Recently, the S2F model has been on the edge of breaking due to Bitcoin’s heavily bearish price action, but PlanB remains confident in the model’s prediction for this cycle. He also says he’s not worried about the short-term price action for Bitcoin as he believes BTC will hit a seven-figure price tag in the coming years.
“I am less interested in $100,000 – $288,000, but focused on 2024 halving and beyond. I don’t care about volatility, asymmetric return is key ($0 vs. $1 million).”
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The post $288,000 BTC Is Still in Play, Says Top Analyst PlanB appeared first on The Daily Hodl.
source https://dailyhodl.com/2021/06/14/288000-btc-is-still-in-play-says-top-analyst-planb/