Bitcoin (BTC) PlanB, the founder of the Stock-to-Flow (S2F) model, which predicts the level of $100,000 in December 2021 for cryptocurrency claimed that the market has been in a bear market since April 2021.
PlanB said in a statement on Twitter:
“Right now the Bitcoin price is creating a floor, after which a new bull will come thanks to the cycle BTC is in.”
PlanB Postpones Next Bull Market Date
Analyst PlanB, in his statement in 2021, predicted that the BTC price would reach $100,000 in December 2021, according to the Stock-to-Flow model.
Despite this, BTC price seems to be moving in a bear market after breaking a record of $69,000 in November.
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. pic.twitter.com/cPpAnNCklx
— PlanB (@100trillionUSD) May 16, 2022
In its latest statement, PlanB said that the pressure observed in the market was due to BTC breaking new ground.
According to his newly shared data, the analyst claimed that the BTC price will make a bottom in the second half of 2022, possibly in October, after which the bull will start and push prices to $ 100,000:
“I was hoping that the second leg of the bull market would start in December of 2021. But the first quarter of 2022 made it clear to me that this bull market is over. We entered the bear market as of April 2021. We’re making a bottom right now. After that, the bull will start.”
PlanB, the founder of the Stock-to-Flow model, was criticized for not meeting the $100,000 target for 2021.
*Not investment advice.