The founder of the Bitcoin S2F model claims that the decline cannot prevent BTC from reaching 6-digit levels. Bitcoin’s price is currently trading around $35,600, down 8.75% in the last 24 hours. However, according to analyst alias Plan B, creator of the Bitcoin stock-to-flow (S2F) model, there is no need to panic; In the long run, BTC is a rewarding investment.
Plan B assures Bitcoin market will bounce back
The analyst reiterated his bullishness on Bitcoin and his reliance on the S2F model. The analyst also urged investors to ignore the current decline. He explained that he bought his first Bitcoin in 2016 at $400. In 2019, when Bitcoin was at $ 4,000, it released the S2F model. Since then, the S2F model has been tracking BTC market performance accurately, even until the price drops below $40,000. According to the analyst, he advises market participants to hold on to their Bitcoins as the bearish trend will soon reverse. According to another recent tweet, Plan B stated that the bounce will be epic once Bitcoin bulls regain control.
Regardless, Plan B wasn’t the only BTC bull urging investors to stay balanced in these times. In a poll by the Dutch analyst on Twitter, the majority of respondents (48%) revealed that the next bullish catalyst for Bitcoin would be the approval of a BTC spot ETF by the SEC. Popular on-chain analyst Will Clemente noted that in his view, the market will likely turn around with another El Salvador news or news that the Fed will reverse its current hawkish stance.
On the other hand, futures market liquidations are also very high. Bitcoin futures liquidations hit $348 million in the timeframe. Weak market performance underpins many bearish trends. According to Cryptowhale, the price of Bitcoin will never again reach its all-time high of $69,000 but will drop below $10,000 in 2022.
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