According to the recognized investor and cryptocurrency analyst PlanB, a price of $288,000 per Bitcoin (BTC) is still in play. In a recent tweet, he shows that if Bitcoin remains at current levels in this phase it would not be a surprise to him. However, in the future, $288,000 per coin is still in play.
PlanB Remains Bullish About Bitcoin
Despite the recent bearish price action experienced by Bitcoin, PlanB considers that we could still see massively high Bitcoin prices. More specifically, he believes that Bitcoin could hit $288,000 per coin, even if the largest cryptocurrency fell by more than 50% from its all-time high reached not so long time ago.
Due to the current situation, many investors believed that Bitcoin was now heading towards a bear market, meaning that the price predictions made by PlanB could already be discarded. Nonetheless, PlanB addressed his followers explaining why the S2FX model is still in play.
On the matter, PlanB wrote on Twitter:
“$288K 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 orange dots.”
$288K 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 orange dots. pic.twitter.com/np26ypO96X
— PlanB (@100trillionUSD) June 12, 2021
The current situation in the cryptocurrency market is definitely putting some pressure on this analytical model for Bitcoin’s price. It is indeed a stress test that would prove whether this model (stock-to-flow) was right or not.
Despite that, PlanB has always been a supporter of this model and has shown many times that the recent price action is a normal (or at least a possibility) over Bitcoin cycles. The price of the largest cryptocurrency continues to fluctuate between acceptable ranges for PlanB, which shows that the model is still working and providing valuable information about possible price ranges for Bitcoin.
PlanB believes that the current deviation is something we have seen back in 2013 or even in 2017. Thus, Bitcoin could still be moving towards higher prices in the coming months. One of the things that this model takes into account is the halvings.
Every four years, the Bitcoin network reduces the new BTC released to the market by 50%. These events are very bullish because they can trigger a situation in which the demand for BTC surpasses the new offer of Bitcoin. This could also be one of the main catalysts of BTC bull runs.