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PlanB, the founder of the widely controversial stock-to-flow model, took to Twitter to discuss some Bitcoin price forecasts.
According to him, any effect on Elon or China won’t stop Bitcoin from reaching $135,000 this year
Elon Musk and China Won’t Stop Bitcoin From Reaching $135,000 This Year
The famous analyst asserts that Bitcoin remains on track to hit $135,000 at the end of 2021. And that’s his worst-case scenario.
However, he considers the cryptocurrency can continue to trade under its own April all-time high of $64,895 through October.
The Dutch Bitcoin advocate claims that the current drop is largely because of Elon Musk’s “energy FUD” and China’s continuing crackdown on the Bitcoin mining sector.
Bitcoin plummeted 14 percent when Tesla suspended payments on May 12.
Musk’s bearish Bitcoin tweet caused more selling pressure, which eventually led Bitcoin to adjust to some local bottom of $30,000.
Despite the strong recovery, the cryptocurrency endured another bearish story: China banned crypto mining.
On June 1, Plan B tweeted that Bitcoin’s price action is indicative of the 2013 bear market.
His latest tweet appears to reaffirm the “double top” concept that lots of bulls put their hopes on.
Back in April 2013, Bitcoin peaked at $259 before adjusting around 75 percent from its peak within three months. In November 2013, Bitcoin completely exploded and exploded to $959 prior to the multi-year bear market finally struck.
Bitcoin is always Plan B’s #1 investment option
According to analyst PlanB, Bitcoin (BTC) has always been his best choice as it’s a fixed source and isn’t entangled in negative rates of interest.
He composed on Twitter:
“Why I purchased #bitcoin in 2015-2016 (before the invention of the version ):
— 46 million millionaires in the world, only 21 million BTC
— Gold or US dollars can’t be used in space or Mars, something else is required.
— No you can freeze accounts or block BTC trades
— 0% interest rate is better than negative rate of interest.”
He is the father of the very accurate Bitcoin price prediction model stock-to-flow
His price version has gone through several evolutions and it is currently forecasting the Bitcoin cost to reach $288,000 by 2024.
PlanB used a new S2F version with interoperable asset classes called S2FX. This new version supposes that BTC will hit $288,000 from 2024. Analyst Harold Christopher Burger also employs a similar dataset and forecasts a $1 million cost by 2025.
However, the S2F version has also received continuous criticism, most notably the opinion of Ethereum co-founder Vitalik Buterin, when he stated that the above model is in 95 percent of the trash of this cryptocurrency market.
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