Bitcoin has been on a steady incline for a couple of months now. The bulls, however, seem to be taking a breather after the cryptocurrency attained $61,000 all-time highs earlier this month.
Nonetheless, a pseudonymous Dutch crypto researcher behind the popularized Stock-to-Flow (S2F) price model, PlanB, suggests that the price may continue upwards on a quest to crack new record highs. PlanB has long reiterated that the flagship cryptocurrency is on track to pierce the $100,000 to $288,000 range by the end of this year.
Bitcoin Bull Run Far From Over
Friday’s historic $6 billion expiry of bitcoin options turned to be anticlimactic as the price of the digital asset continued stagnating below $60K. However, bitcoin crawled back to $54,000, recouping some of the losses from the last few days.
Despite the current uncertainty in the markets, quantitative analyst PlanB sees more upside in the bitcoin price. In a March 26 tweet, he referenced his Stock-to-Flow model, noting that the BTC is nowhere near the end of the current bull phase. In his opinion, the cryptocurrency is “just getting started”.
The bitcoin S2F model is based on the relationship between the cryptocurrency’s value versus the current supply and the amount of newly minted coins entering the market. The different reiterations of the model show the trajectory of the bitcoin price following halving events.
Strap On Your Seatbelts If PlanB Is Correct
As earlier mentioned, PlanB’s model forecasts that BTC could hit $100K to $288K by the end of 2021. Late last year, the Stock-to-Flow creator asserted that he has “no doubt whatsoever” that the Stock-to-Flow Cross Asset Model is correct and the dominant crypto is headed to the moon. In other words, PlanB is certain bitcoin will surpass $100K before the end of December 2021.
If analyst PlanB is correct that bitcoin is poised to hit the coveted six-figure moonshot, hodlers should expect the continuation of the wild and highly profitable bull cycle.
Meanwhile, other spectators are making loftier price predictions. Case in point, Bloomberg Intelligence recently indicated that BTC could go to as high as $400,000 in 2021 as it matures as a “risk-off” asset in investment portfolios.