S2F Model Predicts: Bitcoin Won’t Close Below $47K in August

Forum 2 years ago

S2F Model Predicts: Bitcoin Won’t Close Below $47K in August

PlanB believes BTC’s bull run is just on pause and predicted that the cryptocurrency will go above $47,000 by the end of August this year.

Bitcoin’s bull run hasn’t ended, and its price could increase by more than 40% by the end of August, asserted the creator of the popular stock-to-flow model. He also predicted that the next few months will be make it or break it for the S2F.

Over the course of the past few months, bitcoin’s price slumped by roughly 50% from the mid-April peak, which questioned the state of the bull market.

While most of the community debates whether the 2018 scenario will repeat once again, the person behind the S2F model – going by the Twitter handle PlanB – believes BTC is primed for more gains.

He said earlier on Friday that “my on-chain data tells me this bull is not over and $64,000 was not the top.”

Although bitcoin has lost roughly half of its value since then following FUD from Elon Musk and China, PlanB believes the current price movements are actually in line with the S2F model. Even aside from the S2F, his “floor indicator says we will not go below $47,000” at the end of August.

My on-chain data (color overlay in the chart below) tells me this bull is not over and 64K was not the top. That is in line with s2f(x) model. Also my floor indicator (not based on s2f) says we will not go below 47k Aug close. pic.twitter.com/K6Hfjdp26x

— PlanB (@100trillionUSD) July 2, 2021

As previously reported, the stock-to-flow ratio and its variables examine bitcoin’s production, supply, and evolution in the past decade or so. Ultimately, the model predicts a price tag well within a six-digit territory by the end of the year.

Nevertheless, the retracement has put in doubt this somewhat optimistic prediction. As such, PlanB asserted that the next six months “will be make or break for S2F (again).”