In various posts on social media on Wednesday, the stock-to-flow Bitcoin price model creator joined others in predicting huge new all-time highs for BTC/USD.
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 referenced both his stock-to-flow, or S2F, and stock-to-flow cross-asset, or S2FX, models, which give an average BTC/USD price forecast of $100,000 and $288,000 during the current halving cycle, set to end in 2024.
This is just the average, however, and PlanB believes that the peak of this cycle could be double those figures or even more — potentially in excess of $576,000.
Further 6x gains by December?
Currently, Bitcoin is following the stock-to-flow trajectory almost to the letter — “like clockwork,” as PlanB described it — and has yet to give off signs that the cycle top is approaching.
As fellow analyst Rekt Capital noted, such signs tend to come in the form of BTC/USD jumping above the planned 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 stock-to-flow model not existing during the top of Bitcoin’s first halving cycle price peak in 2011, it achieved a trajectory deviation equal to 1,157%.
Continuing, PlanB highlighted December as the deadline for $288,000 to hit. In Twitter responses, he reasoned that the bull run has “at least some more months to go.”