PlanB expresses confidence in the uptrend of Bitcoin (BTC), forecasting $288k through 2024.
With three years left in the forecast, popular analyst PlanB and Bloomberg strategist Mike McGlone have declared confidence in a continued uptrend for the BTC.
The creator of the stock to flow (S2F), PlanB, expressed confidence that the Bitcoin (BTC) will average $288,000 in the period prior to 2024. Analyst PlanB revealed this after BTC/USD fell 7% on Saturday, June 12, 2021.
In recent days, there have been indicators of a SOPR reset and The Crypto Fear and Greed Index (CFGI) has dropped to its lowest level since March 2020, a sell-off that resulted from the Covid-19 pandemic.
However, many traders seem reluctant to believe this is a sign of a deeper price correction to come. There is also concern about the BTC’s failure to rise above $40,000, and what that could mean in the long run
S2F index still on the way to BTC
Using S2F, which has proven accurate on the BTC growth graph, PlanB states that we should expect the current BTC bull run to continue.
“$288,000 still at stake,” said PlanB.
The $288,000 price is an average value achieved by the Stock-to-Flow Cross-Asset (S2FX) iteration. It is based on the current halving cycle, a four-year period that will end in April 2024. He explained:
“I would really be surprised if bitcoin didn’t touch the black S2FX model line at this stage. Regardless of current volatility, the green yellow and blue dots will be (much) larger than the orange red dots. ”
Recall that the Cointelegraph had previously pointed out that the level of spot price deviation from S2F readings has reached levels suggestive of a rebound. PlanB noted that the deviation follows the same trend as in 2013, with S2F ~ 10 and in 2017 with S2F ~ 25.
“Just the usual inertia after a halving,” he said.
“Ace high” in progress
Bloomberg Intelligence senior commodities strategist Mike McGlone also lent his voice to the power of last year’s halving, heightening optimism about current market directions.
As long as the previous trends hold true, he assumed that the reduction in BTC supply would cause prices to rise and claimed that this was an “ace in the up” with the potential to increase the price of BTC.
Mike’s comment occurs while Taproot is blocked from activating the node. Taproot, described as the most important network update for BTC is due in November and, among other things, the improvements will make it even cheaper to use key features such as multi-signature transactions on the network.