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Since last month’s price correction saw Bitcoin plunged to just above $31,000 at one point. While BTC has recovered, the crypto still failed to move above $40,000 and traded at $35,608.88 at the time of writing based on Coinmarketcap data.
However, some analysts remain confident that Bitcoin could further rally down the line. For instance, PlanB remained steadfast in his conviction that BTC could reach sig-digit figures in the next three years.
“$288K still in play,” PlanB told his more than 553,000 followers on Twitter that the six-figure BTC price prediction is still intact. PlanB is the pseudonym of the creator of the stock-to-flow (S2F) price model published in March 2019, which he later upgraded to the stock-to-flow cross-asset (S2FX) model, according to Bitcoin.com.
“It would really surprise me if #bitcoin would not touch the black S2FX model line this phase,” Plan B added. “Regardless of current volatility, yellow, green, and blue dots will be (much) higher than red, orange dots.”
Responding to PlanB’s tweet, a Twitter user asked “What gives this confidence given the large downwards deviation from the model at the moment? Is it onchain analytics?”
PlanB replied by pointing out that 2021 fit with BTC’s behavior observed during previous all-time high years, 2013 and 2017. “Deviation is not much different from 2013 (S2F ~10) or 2017 (S2F ~25), just the usual inertia after a halving,” PlanB noted.
Bloomberg Intelligence senior commodity strategist Mike McGlone also shared PlanB’s bullish stance on the world’s largest crypto by market cap. On Saturday, he said that BTC’s declining supply is a “bullish ace” for the crypto, which can help it boost its price, according to Cointelegraph.
“Bitcoin $100,000 Has Bullish Ace Up Its Sleeve: Declining Supply — This year follows a cut in Bitcoin supply, making the price more likely to appreciate if past patterns hold," McGlone said.
