PlanB is confident in BTC hitting $100,000, however, the time frame remains what the rest of his team has to work out.
Despite the difficulty in maintaining one’s reputation as an analyst in the highly unpredictable cryptocurrency ecosystem, Stock-2-Flow (S2F) model creator, PlanB is refusing to stop being one. Not minding the recent failures of his predictions on Bitcoin price, PlanB has shared a new tweet drawing on the huge potentials of the pioneering digital currency to touch the $100,000 price market before the end of next year.
Both S2F and logarithmic regression point to $100K in 2023. pic.twitter.com/NHqoRpEmUl
— PlanB (@100trillionUSD) February 14, 2022
The current price prediction is arguably based on data gleaned from the mix of both the S2F and the Logarithmic Regression. The projected $100, 000 price is more than 226% from the current price of $44,144 that the coin is currently trading at per data from CoinMarketCap.
As usual, the ever-curious crypto ecosystem swarmed PlanB’s tweet with a host of both expected and unexpected reactions. Spencer Schiff, the son of popular Bitcoin critic Peter Schiff, said PlanB may be trying to predict the future by looking into the rearview mirror. His point is that PlanB’s prediction for BTC for this year should be somewhat more than the $100,000 of last year’s.
In response, PlanB said he tries not to over-project, sharing data on Gold whose S2F ratio is approximately 50 and has a market cap of $10 trillion. He also pointed at the real estate industry whose S2F ratio is pegged at 100 with a market valuation of over $100 trillion. Drawing a good inference on these, PlanB said:
“It would really surprise me if bitcoin will have a lower market value than gold after next halving when BTC S2F 100+”
PlanB and the S2F Model: Return to Accuracy?
The development of the S2F model by PlanB shot to prominence at its earliest days as it was accompanied by a lot of accurate predictions and price flows.
The major detour from accuracy came last year when Bitcoin closed the year on a bearish note when many market participants were expecting the cryptocurrency to touch the $100,000 benchmark as predicted by PlanB’s S2F model. The model failed.
PlanB also shared a worst-case and best-case scenario for Bitcoin in which he projects the coin will finish the previous year at a trading price of $98,000 and $135,000, both predictions also did not obviously come to pass.
The confidence in PlanB and his model is dwindling at a fast pace and while many have called on him to give a more flexible time frame to observe the S2F data thoroughly and permit it to gain expression over time, the analyst has refused to do this, adding that the available option is either to refit the model to accommodate current low prices, or to let the model play out as long as it wants.
PlanB is confident in BTC hitting $100,000, however, the time frame remains what the rest of his team has to work out.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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