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The price of bitcoin has dropped below $50,000 this week, reaching a low of $47,555 on Friday. The popular creator of the bitcoin stock-to-flow (S2F) pricing model, Plan B, discussed the recent price drop and pointed out that nothing goes up in a straight line. Plan B suggests that this price drop could be an average drop, similar to the crypto bulling of previous years.
Looks like an emergency shelter, says Plan B.
In the first week of March, Bitcoin.com News reported on the popular but controversial Plan B (S2F) pricing model. Plan B had great confidence in this report and the price of BTC outperformed the model by 26%. The S2F pricing model predicts that the price of bitcoin will reach six-digit price ranges in the future. However, since that report in March, the price of BTC has fallen -26.72% after hitting an all-time high of $64,895 per unit for crypto assets.
Plan B doesn’t seem to have been abandoned by the price drop, and after the price drop, the creator of S2F consoled his followers on Twitter.
Nothing goes up in a straight line. Bitcoin has gone up for 6 months in a row, until this month. This is similar to what we also saw in 2013 and 2017, Plan B pointed out. A number of people agree with the creator of S2F and believe that this decline is temporary for now.
Just in time, Kraken spokesman Dan Held tweeted in response to a tweet evaluating Plan B.
Indeed, Bitcoin’s S2F model has recently become relevant again. So let’s look at the S2F model of Plan B, recently written by one Varo. You can see that bitcoin still has this average bearish period in a bullish cycle, and the correction we will see is at least 40%. This fits perfectly with the unused money left by Elon Pump, he added.
Financial reporter Wu Blockchain also talked about the S2F model this week. Wu Blockchain notes:
According to Crypto Quant S2F Reversion, the index fell to 1.827126 as bitcoin plummeted. Compared to bitcoin’s decline, the index has fallen much more, [which] could mean a solid buying opportunity.
Plan B’s latest survey shows that 44% think bitcoin will reach $100K.
A number of cryptocurrency proponents believe that bitcoin’s decline in value is to be expected during a bull market, and people are still convinced that six-figure BTC prices are coming.
You can expect a 10% to 30% drop in any bitcoin bull run [and] that’s exactly what happened in 2017 [and] 2012, said one Plan B fan on Twitter. BTC is now exactly at the price level predicted by the S2F [Plan B] model, so it is still on track to reach $100,000 by September, he added.
In addition, Plan B has been running a Twitter poll since the 24th. April 2021 67,881 people participated. The survey asked respondents for their opinion on the S2F model of what future BTC prices might be.
Believes bitcoin will reach $500k, $288k (S2FX model) or $100k (S2F model) by December 2021…. Or will BTC stay below $100,000? Plan B asked its 405,000 followers on Twitter.
44.6% voted for $100,000, 25.5% for $288,000 and 21.8% for the price to stay below $100,000. 8.6% of 67,881 voters predicted the price could reach $500,000 per bitcoin (BTC).
What do you think of Plan B’s recent tweets about the falling bitcoin price and the S2F model? Let us know what you think in the comments below.
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