PlanB, a Dutch analyst and the creator of the BTC Stock-to-Flow (S2F) model, has predicted a possible Bitcoin bull market, which he believes will begin following a price bottom.
Making Accurate Price Predictions
The unnamed Bitcoin analyst shared his hopes in a recent tweet. He expressed optimism for a continuation of last year’s Bitcoin bull market in the last month of the year. However, in Q1 2022, the bull market came to an end.
From the top in April 2022, he added, users entered a bear market. He confirmed that the ATH date of November 2021. Users are now forming a bottom, he added. After that, a new bull market will begin. He said that this is the cycle of BTC.
PlanB has a reputation for being able to estimate prices accurately. Despite not having a flawless track record, his predictions have shown to be largely accurate. This is due to his employment of the Stock-to-Flow model in particular.
When most analysts and investors had given up on Bitcoin, PlanB predicted a $1 trillion market capitalization in 2019. They anticipated a greater drop when the coin fell to $3000 from its $17,000 high in 2018. Last February, Bitcoin’s market capitalization surpassed $1 trillion.
PlanB issued a series of predictions following the Bitcoin crash in June of last year, which was triggered by an Elon Musk tweet. In October, November, and December of 2021, a Dutch expert anticipated prices of $63k, $98k, and $135k, respectively. The October price of 63k was correct.
He stated in November that his November price projection was based on his floor model rather than his S2F model. He explained that he makes forecasts using three models: the S2F Model, the Floor Model, and the On-chain Model.
Crypto Decline Doesn’t Spare BTC
In the middle of BTC’s current bear market, several additional analysts have chimed in with their ideas. Last year, Carol Alexander of Sussex University predicted that BTC would reach $10k in 2022.
Ian Balina, a Blockchain and Cryptocurrency Evangelist, projected that Bitcoin would eventually reach a price of $100k to $150k, but did not specify when. He believes that the increased interest in crypto and Web3 will impact a long-term price increase in BTC.
Bitcoin has not escaped the current crypto bear market. As of press time, the firstborn cryptocurrency was trading at $29.8k, a two-year low. Other assets have also fallen, with Terra’s LUNA falling by 100% in a matter of days due to the UST stablecoin crisis.