The famed Twitter Bitcoin price analyst, who goes by the pseudonym PlanB, has once again predicted that Bitcoin would reach the $100,000 price point. This time, he sees the asset of achieving this milestone in 2023.
$100,000 In 2023
PlanB revealed via Twitter that his model indicates that Bitcoin will reach the $100,000 price valuation in 2023. He tweeted, along with an image of the price chart, “Both S2F and logarithmic regression point to $100k in 2023.”
However, some Twitter users remain skeptical. Peter Schiff’s son Spencer Schiff expressed his opinion that the analyst might be trying to predict the future. PlanB responded by revealing that he tries not to do so and arrives at his findings by also comparing Bitcoin’s stock-to-flow to markets like gold and real estate, adding “It would really surprise me if bitcoin will have a lower market value than gold after next halving when BTC S2F 100+.”
The analyst reiterated his conviction, stating, “yes, I think we will see >$100K prices next 24 months.” He noted that though he had made a similar prediction last year, the prediction for this year remained the same. PlanB suggested that he had two options, seeing as the BTC price was below the model line: either refit the model or wait until the halving cycle was done.
It is important to note that the stock-to-flow model (S2F) created by PlanB attempts to predict the price of an asset by comparing an asset’s present stock to its rate of new production. Due to Bitcoin’s planned mining that halves the number of bitcoin rewards over cycles of roughly 4 years, the S2F ratio is likely to continue to increase.
If the prediction fails, PlanB has noted that he will “have to refit the model to lower data.” This, he says, would still see Bitcoin reach about $500k by the next halving event. While the analyst has recorded some price call successes, it would not be the first time his prognoses have failed to come true.
Previous Predictions And Current BTC Price Movements
PlanB last year using his price models made many bold predictions about Bitcoin’s price movements, even predicting a $135k price valuation at the end of the year at some point. It is important to note that according to PlanB’s model, this was the worst-case scenario, and the best case would have seen the asset move as high as $450k.
While in 2021, the analyst had successfully predicted the closing price of BTC in August and September at $47k and $43k, respectively, after that period, BTC failed to move as predicted. Despite similar calls for BTC to reach $100,000 at the end of the year by Standard Chartered, it never happened and Bitcoin closed the year at around $47k.
Presently, after a 3-month long correction, Bitcoin is currently trading around $40K as analysts scan the horizon for a glimmer of hope for a bright future for the asset class.