Dutch analyst PlanB, the creator of the Bitcoin Stock-to-Flow (S2F) prediction model, has just shared a new prediction, noting that BTC will reclaim $30,000 by September 2022 if the cryptocurrency continues its current bullish trend till the end of July.
PlanB Predicts $30k BTC Price
The Bitcoin S2F model is a prediction chart used to forecast the price of Bitcoin. It achieves this by dividing the existing circulating supply of BTC by its annual production, which is influenced by the Bitcoin halving every four years.
Three days ago, the Dutch analyst had predicted that Bitcoin could attain a trading price of $22,000 at the end of July. The latest tweet shows PlanB reiterating his prediction, noting that if the prediction of $30,000 by September comes true, his projection model will be “back in business.”
While PlanB seems bullish on Bitcoin, the price of the cryptocurrency remains bearish like many other crypto assets. The recent crash in the crypto market saw BTC drop almost 80% from its November all-time high (ATH). At the time of writing, Bitcoin was trading at $22,200.
PlanB’s History With Bitcoin Price Prediction
PlanB, being a Bitcoin maximalist, has become popular because of his predictions on the price of the crypto asset even though many of his predictions have turned out wrong.
In November 2020, PlanB predicted BTC to trade at $100,000 to $288,000 before the end of 2021. This prediction failed, with Bitcoin only seeing a peak of around $68,000 in 2021.
The analyst came once again in February 2022 with another prediction, noting that Bitcoin will attain a trading price of $100k in 2023. However, no green light suggests the prediction will come true.
Bitcoin S2F Predictions Criticized
The latest $30k prediction from PlanB raised doubts in the minds of some users on Twitter, who noted that macro conditions such as the upcoming July 27th interest rate hike by the Federal Reserve will affect the price of Bitcoin.
According to a report last month, Vitalik Buterin criticized the prediction model used by the Dutch analyst, declaring that such predictions are unhealthy as they give investors false hope regarding the price movement of volatile assets.
Source: https://coinfomania.com/planb-predicts-30k-btc-price/#utm_source=rss&%23038;utm_medium=rss&%23038;utm_campaign=planb-predicts-30k-btc-price