By Tobi Loba
A pseudonymous crypto analyst, identified on Twitter as PlanB, who has gained tons of followers with his stock-to-flow model (S2F), has pointed out that his $288,000 prediction for Bitcoin (BTC) has not changed.
In a tweet on 12th June 2021, Plan B reiterated the massive price target for Bitcoin despite the crash of recent weeks and its struggle to maintain its stability on the $40,000 support level.
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He said the price trend of Bitcoin (BTC) is still in line with his stock-to-flow model. The model is used to track the performance of commodities such as Gold.
PlanB tweeted, “$288,000 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
Expectedly, the tweet gained tons of reactions. Among the thousands of reactions was the question of a crypto enthusiast:
“PlanB, thank you for your fantastic work. I agree, 288K still in play. Just a question: do you think that unit bias may play a role in this cycle, given how much higher the price is now compared to previous cycles? Some (or many …) people do fall prey of that bias. Thoughts?”
In response, PlanB wrote:
“Frankly I don’t know. But bitcoin is currently competing with gold & real estate as store of value. I was an old gold bug, sold my gold and bought bitcoin with it. I see friends making the decision to not buy an extra house but btc instead. So IMO btc will be in that value range.”
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Due to the recent crash in the market, the S2F model was about to break. However, PlanB remains unperturbed, believing that the model will certainly remain intact for this cycle:
“I am less interested in $100,000 – $288,000, but focused on 2024 halving and beyond. I don’t care about volatility, asymmetric return is key ($0 vs. $1 million).”
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