Bitcoin (BTC)has seen significant decreases in its price over the past few days. Bitcoin price is down 8.75% in the last 24 hours and is currently trading around $35,600.
However, according to Plan B, creator of the Bitcoin stock-to-flow (S2F) model, these declines are not cause for panic. Plan B has even urged market participants to embrace volatility as Bitcoin has proven to be a rewarding investment in the long run.
Plan B Is Sure To Return The Bitcoin (BTC) Market!
Sharing his views in a recent tweet, the analyst said, bitcoin price reiterated its rise on Using the investment journey as an example, Plan B urged market participants to take a long-term view of Bitcoin and ignore the current drop.
Explaining that he bought his first Bitcoin at $400 in 2016, Plan B. In 2019, when Bitcoin was at $4,000. Bitcoin S2F modeland caused frequent discussions in the crypto world. Since then, the S2F model has been accurately tracking Bitcoin market performance in a band of 2 standard deviations, even until the price dropped below $40,000.
From this historical price performance of Bitcoin, Plan B continues to rely on the S2F model, stating that it is inevitable for the price of Bitcoin to add one more zero in the next few years.
“…Some are worried about the current drop, but I am pretty sure Bitcoin will add another zero over the next few years.”
He also noted that this is his final reminder to market participants to hold on to their Bitcoin, as the bearish trend will soon reverse. In another recent tweet, he predicted that the bounce would be epic once Bitcoin bulls regain control.
Fears Still High That Crypto Market Could Crash Further
Bitcoin’s market (market) performance is at the forefront of many fears in the crypto market. The latest fear and greed index count has placed Bitcoin market sentiment in the “extreme fear” zone. One reason is that the current Bitcoin price of $35,600 was last seen in July last year, when the market struggled to recover from the crypto market crash that began in May.
Futures market liquidations were also quite high. In the past 24 hours, the crypto market has seen over $1 billion liquidated within days, according to data from Coinglass. 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. This view was shared by Bitcoin skeptic Peter Schiff.
Regardless, Plan B wasn’t the only Bitcoin bull urging investors to stay balanced in these times. In a poll by the Dutch analyst on Twitter, the majority (48%) of respondents revealed that the next bullish catalyst for Bitcoin would be the approval of a Bitcoin 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.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.