Quantitative analyst PlanB says Bitcoin is still on track to reach his bold end-of-year price prediction.
The pseudonymous analyst tells his 736,300 Twitter followers that the stock-to-flow model (S2F), which he popularized in the cryptocurrency space, still forecasts a six-figure price for BTC by Christmas.
“Baseline S2F forecast of $100,000 by Christmas still stands (or more precise: $100,000 average for this halving period 2020-2024).
On-chain (non-S2F) indicator shows no sign of a top yet (no red dots). This is in line with S2F forecast.”
The stock-to-flow model, typically used in valuing traditional assets, aims to predict price by measuring existing supply against production rate.
Bitcoin is trading at $52,590.02 at time of writing and is up more than 11% on the week and nearly 18% on the month, according to CoinGecko.
PlanB also says BTC’s relative strength index (RSI), which measures the momentum of a given asset, is still well below a key level, indicating that Bitcoin