Bitcoin „doesn’t stop“ – S2F inventor sees price at 288,000 US dollars by December
PlanB thinks an average price of 288,000 US dollars is conceivable by the end of the year, which means there is still a lot of room to go for the new record high.
Crypto analyst PlanB believes Bitcoin’s (BTC) record run „won’t stop yet“ even at US$100,000.
In a series of tweets, the developer of the popular stock-to-flow forecasting model (S2F) joined the tenor of many of his Bitcoin Blueprint review colleagues who see the Bitcoin price soon reaching even much higher spheres.
PlanB still sees plenty of room to move up
After Bitcoin remained in a prolonged sideways movement below the recent highs of 58,300 US dollars and 61,700 US dollars respectively, investors are also confident that the end of the line has not yet been reached.
Depending on which key figure and which calculation model is used, the high point of the current record run is either imminent or still far away. The followers of the S2F model clearly fall into the second category. According to them, the market-leading cryptocurrency’s flight to the top would even still be in its initial phase.
„We are only three and a half months into the bull market,“ as PlanB states accordingly. To this effect, he elaborates:
„In my opinion, Bitcoin will not stop even at US$100,000, because according to S2FX, the average price for this cycle is US$288,000. The record high during this period is even higher.“
With this, the crypto analyst refers to both the S2F model and the S2FX model, the latter being an evolution of his original forecasting model. While the S2F outputs an average price of $100,000 for the price cycle since the last bitcoin halving in May 2020, the S2FX spits out an even stronger average of $288,000.
However, this is only the averaged price for this period, which inevitably means that any high point would have to be located much higher. Even a new record high of over 500,000 US dollars is therefore conceivable by the next halving in 2024.
At US$288,000 by December?
The confidence in the calculation model is justified, because as the inventor PlanB describes, the price of the market-leading cryptocurrency has so far been based on the stock-to-flow forecast „as if set by the clock“.
According to this, there are still no signs that a record high is in sight in the near future. As a crypto expert at Rekt Capital explains, this would be the case if Bitcoin climbs above the forecast average.
„Upward swings above the stock-to-flow average price often precede the highs of a record run,“ the analyst said. And further:
„Right now, the price is following the S2F average price almost perfectly. So far, Bitcoin has not swung to the upside.“
Although the stock-to-flow model was not used during the record run in 2011, hindsight shows a 1,157% deviation between the average price and the high point for the uptrend at that time, which gives hope for the current run up.
PlanB sees December as the deadline for the rise to 288,000 US dollars. However, he cautions that the bull market „still has at least a few months to go“.