March 12 was a very tough day for Bitcoin maximalists. The number one cryptocurrency by market cap shattered all imaginable support levels during a hectic 40 percent rout.
That said, Plan B, the anonymous creator of the stock-to-flow model, is still convinced that BTC is going to reach $100,000 after this sentiment-shifting crash.
No pain, no gain
The S2F model, which attempts to explain Bitcoin’s past and future price moves based on its scarcity, has become one of the main bullish narratives due to its historic accuracy. However, the black swan crash that is forcing miners to capitulate just two months before the May halving, has seemingly invalidated it.
Plan B, after going to the woods to avoid a storm of hateful ‘Plan C’ tweets, now confirms that the model remains valid since Bitcoin still managed to stay within its bands.
The Dutch analyst also cautioned investors that they should not expect high returns without extreme price swings.
A different perspective
At press time, BTC is trading well below its the S2F price of $8,671. As reported by U.Today, PlanB predicted that the coin’s price would stay above the aforementioned level in March, which now seems all but impossible after Bitcoin’s biggest price drop since 2013.
On the flip side, BTC also deviated a lot from the model’s price when it pumped to its 2019 high of $13,777, but nobody seemed to mind.
Moreover, PlanB noted that there were historic red dots below the bands, which happened in 2020, but it doesn’t matter as long as Bitcoin still oscillated around the model.
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