PlanB, the creator of the Stock-to-Flow (S2F) model, says the expected Bitcoin (BTC) price to touch $100k in December 2021 failed because it was already in a bear market since April 2021.
Currently, the Bitcoin (BTC) price is creating a bottom as we are witnessing strong pressure in the Bitcoin market. The bull market will soon follow.
PlanB Postulates the Next Bull Market
Previously in 2021, PlanB predicted $100k in December 2021 based on the Stock-to-Flow model. However, the BTC price moves into the bear market after making a high of almost $69k in November. Since then, the price has made a low of $26,350 on May 12.
PlanB now says the pressure seen in the market is a result of Bitcoin (BTC) forming a new bottom. As per new data shared, the BTC price is expected to form a bottom in the next half of 2022, possibly in October. Thereafter, a bull market will start, pushing prices towards 100k.
“Dec 2021 I was still hoping for a 2nd leg of the bull market. But in Q1 2022 it became clear that this bitcoin bull market was over. We entered a bear market since Apr 2021 peak (yes ATH was Nov 2021). Now we are creating a bottom. Then a new bull market will start. BTC cycles.”
Notable analysts such as Peter Brandt and Michaël van de Poppe had also shared the same scenario. Recently, Peter Brandt had suggested a bottom near the $27,000 level from where a rally could be seen. Michaël van de Poppe also thinks the Bitcoin (BTC) price could slip around the $28,000 level for a fresh bullish recovery.
Moreover, a buildup of short positions and liquidation of long positions for quite some time now explains the price momentum. Whales’ buying and selling are currently maintaining the price near the $30,000 level.
Price Forecast Based on the Bitcoin Mid-Halving Correction
Bitcoin mid-halving correction on April 11 was an important event to determine the upcoming price trends. According to the data, the BTC price could move into a long bear market if the price fails to surpass the $50k level. Currently, Bitcoin is moving exactly as per the historical price trend. Moreover, the recent crypto market crash indicates the Bitcoin (BTC) price has moved into a bear market.
The model also indicates a Bitcoin rally after October, possibly at the end of the year. That could mean the BTC price will continue to trade in the range of 32k-27k level and investors have to wait a little longer to make fresh entries.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
