By Solomon Odunayo
PlanB, a popular cryptocurrency analyst has some hours ago updated stock-to-flow (S2F) model for Bitcoin, where he predicted that BTC will attain $288,000 by 2024.
In a Medium post published on 27th April 2020, the crypto analyst PlanB provided an updated model for his application of S2F to the price of Bitcoin (BTC).
The S2F model calculates a value for Bitcoin according to the entrance of mined BTC into the market, compared to the number of BTC in circulation.
As per the post, the original algorithm used by PlanB was a “time series model” based on monthly stock-to-flow (S2F) and price data.
The post also clarified that the most recent update, titled S2FX provides a model with “activated quantitative analysis”, which includes some assets like Silver and Gold.
He wrote:
With the phase transition perspective of BTC clusters as different assets, I can now add other assets like silver and gold to the model. This makes it a real cross asset model. I call this new model the BTC S2F cross asset (S2FX) model. S2FX model enables valuation of different assets like silver, gold and BTC with one formula.
The crypto analyst PlanB further argued that Bitcoin and other assets evolve via phases. He then stated that the properties of each phase control the market performance.
Going by the updated S2FX, the first and largest cryptocurrency, Bitcoin (BTC), remains on track to attain market capitalization of $5.5 trillion, which predicts the price of Bitcoin at $288,000 by 2024. Meanwhile, Tim Draper recently reiterated his $250,000 for Bitcoin by 2023.
Bitcoin (BTC) in the Market
Bitcoin (BTC) has been recording outstanding performance in terms of price over the past hours. In the last 24 hours, the digital currency has added over $1,000, which aided it to recently overtake Gold in 2020 Year-To-Date performance.
Many crypto analysts believe that the king of coins will only continue to improve in the market, as the halving counts down. At press time, BTC trades at $8,663.12, with an 11.36% price increase based on 24 hours estimation.