The bitcoin price has been heading south in recent days. Nonetheless, quantitative analyst PlanB, the creator of the popular bitcoin stock-to-flow models, predicts that BTC could parabolically grow 3X from the $288K that the model currently projects.
$288K Is Quite âConservativeâ
Even with the recent technical reversal, PlanB has maintained his bullish stance. Appearing in a podcast interview with Peter McCormack, the bitcoin analyst explained that $288,000 is actually a conservative estimate. He says that bitcoin has the potential to rise three times from the original $288K target, before correcting. PlanB added that this is possible because bitcoin has done it before during the previous phases.
PlanB asserted:
âIâm on $288,000 as an average value. $100,000 would be very nice, too. But if you just follow the math, if you just follow the data, and I donât mean the time-series model. So weâre not looking at Bitcoin only. Weâre looking at gold, silver, diamonds, real estate, all that stuff. Itâs $288,000. Thatâs an average value. It could overshoot, like three times, like it did the last phases. I donât want to mention the number. I try to be conservative all the time. But letâs say a 2x or a 3x from that $288,000, and then it crashes again, of course.â
Hypothetically speaking, a 3X growth from $288K would put bitcoin at an average of $864,000 by the end of 2024.
The S2F Model May Fail, But Bitcoin Will Not Fail
Notably, PlanB is insanely optimistic about his stock-to-flow model. He maintained that the bitcoin price is still moving in line with the S2F forecasts. On top of that, PlanB observed that the bellwether crypto is already attracting the attention of mainstream investors, the likes of MicroStrategy â which is a bullish signal.
He, however, admitted that the stock-to-flow model is not foolproof. This means that although itâs based on quantitative theory, it can fail. The good news is that he believes bitcoin will not fail even though his stock-to-flow model ends up failing.
In the meantime, PlanB claims that the ongoing bearish pressure in the crypto markets is meant to âshake out weak hands that entered May-Augâ. He further suggested that bitcoin will likely register a quick V-shaped recovery in the coming days if it is able to hold above the psychologically important $10,000 level during this pullback.
