After being hit with long bearishness, the crypto market is now recovering. This is seen alongside the Federal Reserve’s increased interest rates and the US entering into recession after the GDP report.
Now, while the overall crypto market is flashing green, there is a thought of whether this is the right time to step into the market or not.
Well, renowned crypto analyst and stock-to-flow creator, PlanB pops in with a statement that whatever the worst had to happen has already happened. Now things can’t get any worse than this.
PlanB, who had earlier predicted Bitcoin to hit $100,000 has some good and bad news. The analyst claimed that the market is exactly playing out like what people expected. According to PlanB, the current situation around the global market is kind of negative and people are highly bearish. He also says that people are hoping that the market will see a situation like 2008 financial crisis and 2020 Covid.
Hence, the analyst asserts that people’s opinion has caused the interest rates to surge with plummeting stocks and Bitcoin value.
PlanB’s S2F Model Predicts Bitcoin Price To Hit $500k
When the flagship currency’s price action is considered, PlanB created a Twitter poll in May, 2022. The poll received 81% votes which said Bitcoin price will stay below $500,000 by 2027. However, PlaB had a different take as he asserts that as per his S2F model Bitcoin will trade more than $500,000 after 2024 halving.
The Stock-to-flow model is the one which makes use of the ratio between the present Bitcoin supply and the new Bitcoin supply to get the estimation of the future price.
On the contrary, Crypto experts are not that big fans of this S2F model. Anthony Sassano, founder of Daily Gwei posted a Twitter post where he claimed that the Stock to flow model is an utter failure model and PlanB should delete his Twitter account.
The same was agreed by Vitalik Buterin, Ethereum co-founder as he quotes that PlanB’s Bitcoin indicator doesn’t seem appealing. He claims that the indicator appears harmful instead.
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Source: https://coinpedia.org/news/the-global-crypto-market-reclaims-1t-does-this-mean-an-end-to-bear-market-here-is-what-planb-says/