PlanB, Dutch analyst and the brains behind the BTC Stock-to-Flow (S2F) model, has once again predicted a potential Bitcoin bull market which he believes will be ushered in following a bottom price touch.
PlanB has a reputation for making accurate price predictions
In a recent tweet, the anonymous Bitcoin analyst revealed that he was hoping for a second phase of the Bitcoin bull market of last year in the last month of the year, but the end of the bull market became evident in Q1 2022.
“We entered a bear market from the Apr 2022 peak (yes ATH was Nov 2021),” said PlanB, “now we are creating a bottom. Then a new bull market will start. BTC cycles.”
PlanB has a reputation for making accurate price predictions. Although not having a perfect record, his forecasts have so far proven to be generally reliable especially because of his utilization of the Stock-to-Flow model.
PlanB predicted a $1 trillion market capitalization for Bitcoin in 2019 when most analysts and investors had thrown in the towel, expecting further decline as the coin dipped to $3k from its $17k peak of 2018. Bitcoin reached the $1 trillion market cap February last year.
A series of predictions was made by PlanB in June last year after the Bitcoin crash that followed an Elon Musk tweet: the Dutch analyst predicted $63k, $98k and $135k prices for October, November and December of 2021 respectively. The 63k price for October was accurate.
In November, he noted that his November price prediction was not based on his S2F model, but his floor model; revealing that he uses three models for his predictions: S2F Model, Floor Model and On-chain Model.
The current crypto decline has not spared Bitcoin
Several other analysts have chipped in their thoughts on BTC amidst the asset’s current bear market. Last year, Sussex University’s Carol Alexander mentioned that BTC is expected to get as low as $10k in 2022.
Ian Balina, Blockchain and Cryptocurrency Evangelist, predicted that BTC will eventually get to a price between $100k and $150k without specifying when. He noted that he believes the growing interest in crypto and Web3 will influence a price surge in BTC in the long run.
The current crypto decline has not spared Bitcoin. The firstborn crypto has seen lows it hasn’t met for two years, trading at $29.8k as at press time. Other assets have also plummeted with Terra’s LUNA dipping by 100% in a few days amidst its UST stablecoin crisis.