Bitcoin (BTC) can still hit an average price of $ 288,000 over the next three years, analyst PlanB reiterated after the BTC / USD pair fell 7% on June 12.
In one Tweet On Saturday, the creator of Bitcoin’s stock-to-flow model put aside doubts about BTC’s continuation of the bull run.
Plan: another day in the office for BTC
Together with a graphic that describes to Bitcoin as “in search of gold”, PlanB has been characteristically cool on Bitcoin’s recent advances, despite failing to break the $ 40,000 mark.
As Cointelegraph reported, Concerns from traders and outside sources have increased over the past week and are focused on a possible deeper correction in BTC price.
“There is still $ 288,000 to be won”, PlanB specified.
“I would be very surprised if Bitcoin doesn’t touch the black line of the S2FX model at this point. Regardless of the current volatility, the green-yellow and blue dots will be (much) higher than the red-orange dots.”
Such “Surprise” would be a serious test for the model, which has so far mapped Bitcoin price growth with unparalleled precision.
The $ 288,000 price refers to an average predicted by the stock-to-flow cross-asset (S2FX) iteration, while an earlier version predicted a more modest price of $ 100,000. Both are based on the current halving cycle, a four-year period between reward reductions per block mined, ending in April 2024.
Formerly Cointelegraph pointed out WhatThe spot price deviation from the S2F levels has reached levels that typically see a rebound and a new all-time high.
In additional comments, PlanB pointed out that in 2021 with the behavior of other years with all-time highs (2013 and 2017) the suspicions that Bitcoin is in serious trouble continue to drown out.
“The deviation is not much different than 2013 (S2F ~ 10) or 2017 (S2F ~ 25), just the usual inertia after halving”, He said to your Twitter followers.
Bitcoin has a “bullish ace up its sleeve”
Mike McGlone, Senior commodity strategist at Bloomberg Intelligence has joined optimism about the power of halving.
Saturday, described Bitcoin supply decline as “bullish ace” for the most important cryptocurrency, which of course can drive the price up.
“Bitcoin at $ 100,000 has a bullish ace up its sleeve: declining supply. This year there will be a cut in Bitcoin supply, making the price more likely to rise if trading patterns persist. Past”, summarized.
His optimism comes at a time when Taproot, which has been described as the most significant upgrade to the Bitcoin network in four years, was finally blocked from activation by the nodes.
Scheduled for November, Taproot offers a number of improvements which, among other things, make the use of some key functions, such as multi-signature transactions, cheaper.