PlanB has been a household name in the world of cryptocurrencies for years. The Dutch analyst became famous for his stock to flow (S2F) model that shows the price of bitcoin (BTC) was able to predict with astonishing accuracy. However, since the start of the bear market, the correct predictions seem to have come to an end. Nevertheless, PlanB itself still firmly believes in its S2F model.
“Bitcoin back on track”
Over the past week, the bitcoin price managed to achieve a huge increase. Since March 10, the course of the king of the cryptocurrencies already increased by almost 40%. At the time of writing, the BTC price fluctuates around $27,440.
Last week was the most successful week for bitcoin’s price in almost two years. In seven days, it became the best performer of the top 25 largest assets in the world: BTC price continued to rise, reaching levels not seen since June 2022. Today, March 18, 2023, in the early morning hours, it hit nearly $28,000 on major spot exchanges.
New all-time highs for bitcoin?
As a result of this increase, sentiment in the market has also somewhat returned. PlanB is also very optimistic. According to him, the recent increase means that the price of bitcoin back on track to eventually reach the price levels he predicts in the S2F model.
“#Bitcoin is bouncing back into the dark blue area of the stock to flow valuation model. Hate it or love it, de halving coming. Tripple top (new ath) in the current cycle is not impossible, IMO.”
If this prediction from the S2F model eventually turns out to be true, bitcoin will have to reach a new high before April 2024. The previous all time high was recorded on November 10, 2021, at a price point of $68,789.
PlanB admitted that he is not 100% sure of his case, but is cautiously optimistic.