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Bitcoin Supporters Capitulating. Is S2F Model Finally Broken?

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Tue, 06/22/2021 - 14:32
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Vladislav Sopov
Mysterious blockchain expert PlanB has compared the results of two polls on Twitter, which showed an alarming trend
Bitcoin Supporters Capitulating. Is S2F Model Finally Broken?
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Bitcoin bulls have failed to protect the "do-or-die" level of $30,000. Meanwhile, some of Bitcoiners are still confident about six-digit prospects. 

Three months make huge difference

One of the most bullish crypto Twitter users, PlanB (@100trillionUSD), asked his Twitter followers about the prospects of Bitcoin (BTC) price reaching $100,000 2021. Last time, a similar survey appeared on his account in March:

Not surprisingly, the share of people who claim that Bitcoin won't reach $100,000 in 2021 spiked from 16 percent in March to 41 percent in June. The number of bulls who foresee $288,000 per BTC has dropped by more than 50 percent.

Now, the "below $100,000" answer is the most popular, while $100,000-$288,000 prospects seemed way more reasonable to PlanB's audience three months ago.

These estimations are based on the "stock-to-flow" model of Bitcoin (BTC) price developed by PlanB. It takes into account the scarcity of the asset and the quantity of newly mined coins that enter the supply.

Are we ready for real disbelief?

If Bitcoin (BTC) fails to conquer $100,000 level by January, 2022, the most conservative version of S2F model will be finally invalidated for good.  

Meanwhile, some Twitter followers of PlanB are sure that the favorite model of Bitcoin (BTC) bulls is already getting invalidated by the ongoing bloodbath.

Related
Bitcoin Collapses Below $30,000 for the First Time Since January

As reported by U.Today, Bitcoin (BTC) nose-dived to late-January levels. At press time, the flagship cryptocurrency is changing hands at $29,400 on major spot exchanges.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)