PlanB says the $288,000 BTC price is “still in play” because Bloomberg supports Bitcoin halving

Bitcoin (BitcoinAfter BTC/USD fell 7% on June 12, a confident analyst PlanB stated that the average price of US$288,000 may still be reached in the next three years.

in a tweet On Saturday, the creators of the popular stock-to-flow Bitcoin price model put aside doubts about the continued Bitcoin bull market.

PlanB: BTC business as usual

In addition to the chart describing Bitcoin as a “chase for gold”, PlanB has shown a calm attitude towards Bitcoin’s recent developments, despite failing to exceed $40,000.

As Cointelegraph Report, The concerns of traders and external sources have been increasing in the past week, and these concerns are focused on possible deeper corrections in the BTC price.

“There is still $288,000,” PlanB retorted.

“If Bitcoin does not touch the black S2FX model line at this stage, I would be really surprised. Regardless of the current fluctuations, the yellow-green and blue points will be (much) higher than the red-orange points.”

BTC/USD 1-month price chart compared with the month before the halving event.Source: PlanB/Twitter

This “surprise” will provide a severe test for the model, which has so far drawn Bitcoin’s growth chart with unique precision.

The $288,000 price tag refers to the average value required for the stock-to-flow cross-asset (S2FX) iteration, while the previous version required a more moderate average of $100,000. Both are based on the current halving cycle, which is the four-year period between the block subsidy halving that ends in April 2024.

Earlier, Cointelegraph famous The deviation between the spot price and the S2F reading has reached a level where there is usually a rebound and a new historical high.

In other comments, PlanB pointed out that 2021 is indeed in line with the behavior of other historical high years (2013 and 2017), further overturning the suggestion that Bitcoin is facing serious problems.

“The deviation is not much different from 2013 (S2F ~10) or 2017 (S2F ~25), but the usual inertia after halving,” he tell Twitter users.

Bitcoin has a “bullish trump card”

Mike McGlone, a senior commodity strategist at Bloomberg, has heightened optimism about the power of halving.

related: Bitcoin price rose by 6% because Bloomberg analysts believe it will be $40,000 instead of $20,000

Saturday, he description As the “bullish trump card” of the largest cryptocurrency, the supply of Bitcoin has fallen, which will naturally push up prices.

“Bitcoin’s $100,000 has a bullish trump card: supply declines-this year the supply of Bitcoin has decreased, and if the past pattern remains the same, the price is more likely to appreciate,” he concluded.

An overview of Bitcoin price indicators and supply changes.Source: Mike McGlong/Twitter

His bullishness comes from Taproot, described as the most important Bitcoin network upgrade in four years Lock activation Pass the node.

Expiring in November, Taproot offers many improvements, including making it cheaper to use some key features (such as multi-signature transactions).