Famous crypto analyst PlanB outlined the potential bearish and bullish prospects for bitcoin throughout 2021. The analysis uses the stock-to-flow (S2F) model to determine the potential price of bitcoin.
In a recent tweet, PlanB says, “Bitcoin is below $34,000 after Elon Musk was triggered by energy pressure and Chinese mining bans.” Analyst renews his forecast using stock to flow (S2F) model “We are likely to see weakness in June and possibly July, worst case scenario for 2021 (price/chain based): Aug> 47K, Sep> 43K, Oct>63K, November> 98K, December> 135K,” he said.
Reiterating that the current price pattern is the worst-case scenario, PlanB still believes that the BTC price could break its all-time high by October. He also states that the BTC price could reach $135K before the end of the year.
PlanB also offered its best-case price estimate by further commenting on its tweet, “My best-case scenario! a tip: best case December is $450,000.” he stated.
PlanB predicts the worst-case BTC price to reach $135K by December, with the potential to reach $450K in the best-case scenario.
The stock-to-flow model is based on the Bitcoin valuation model, inspired by Nick Szabo’s concept of invincible scarcity. The model measures the price of bitcoin over time.
Other price estimates
In a recent interview with CNBC, Perianne Boring said that according to the same model, the price of Bitcoin could reach $288K, and “Stockflow says that Bitcoin price should be priced between $100K and $288K this year. We have 12 years of data on Stock that will flow in Bitcoin. Equity flow is 94% correlated if you measure it in US dollars.”
Nexo co-founder Antoni Trenchev recently spoke to Bloomberg and made price predictions saying that the BTC price will reach $100K. Trenchev also said that he thinks other countries will accept BTC as legal currency like El Salvador.
Visits: 65
