PlanB, known for its Stock-to-Flow (S2F) model, thinks BTC could reach $100,000 or more at some point in the future, and predicts that by 2023. In his recent analysis, the expert identifies a support level below which the Bitcoin price will never fall again.
Bitcoin price could be 6 digits by 2023
The anonymous Twitter analyst behind the popular S2F model and its variations, PlanB, recently released another somewhat positive forecast for BTC’s price trajectory. Tapping on both S2F and logarithmic regression, the analyst suggested that the leading cryptocurrency will reach a six-digit price by the end of 2023.
PlanB expected Bitcoin to reach $100,000 by the end of 2021. The failures of the S2F model and inaccurate predictions of the “worst-case scenario” did not deter him. In his current analysis, he thinks Bitcoin is still in an uptrend. He believes that if a market crash called a “black swan” occurs, the Bitcoin price will drop to a maximum of $24,500.
Lowest possible price: $24,500
The current $24,500 BTC price is important to PlanB based on historical data. BTC price tested this level 3 times. First; It happened when the MtGox exchange was hacked in 2011. In 2014, the Bitstamp exchange was hacked for the second time. Also in 2018, there was a Bitcoin SV (BSV) hard fork. When these 3 events occurred, the BTC price fell below $ 24,500.
Another popular on-chain analyst whose analysis we share as Cryptokoin.com Willy Woo was among those who disagreed with PlanB’s Bitcoin SSV report. According to Woo, the BTC price was pushed to this level due to BitMEX whale manipulation.
What is the Stock-to-Flow (S2F) model?
S2F is a model that predicts its probable future price by measuring the scarcity of Bitcoin or any asset. It was originally applied to precious metals such as gold and silver, but its principles have been gracefully applied to Bitcoin by PlanB, who is considered to be the creator of Bitcoin’s stock-to-flow model. PlanB is a former investor with over 20 years of experience in finance.
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