$ 288K BTC price ‘still up for grabs’, says PlanB as Bloomberg defends Bitcoin halving

Bitcoin (BTC) may still hit an average price of $ 288,000 in the next three years, confident analyst PlanB said after BTC / USD lost 7% on June 12.

in a cheep On Saturday, the creator of the popular action-to-flow Bitcoin pricing models put aside doubts about the continuation of Bitcoin’s bull run.

PlanB: Business as usual for BTC

Along with a chart describing Bitcoin as “going for gold,” PlanB was characteristically cool with Bitcoin’s recent progress despite not having exceeded $ 40,000.

As Cointelegraph reported, concerns from traders and outside sources alike have risen over the past week, focusing on a possible deeper BTC price correction.

“$ 288K still up for grabs,” PlanB responded.

“I would really be surprised if bitcoin didn’t touch the black line of the S2FX model at this stage. Regardless of the current volatility, the yellow, green and blue dots will be (much) higher than the red orange dots.”

BTC / USD 1-month price chart vs. months to halving events. Source: PlanB / Twitter

Such a “surprise” would provide a serious test for the model, which has so far charted Bitcoin’s growth with unique precision.

The price of $ 288,000 refers to an average value required by the Stock-to-Flow Cross-Asset (S2FX) iteration, while an older version requires a more modest average of $ 100,000. Both are based on the current halving cycle, a four-year period between block subsidy halving ending in April 2024.

Previously, Cointelegraph noted that the spot price deviation from S2F readings has reached levels that normally experience a rebound and a new all-time high.

In additional comments, PlanB noted that 2021 really dovetailed with the behavior of other all-time highs, 2013 and 2017, further nullifying suggestions that Bitcoin is facing serious problems.

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

Bitcoin has a “bullish ace up its sleeve”

Mike McGlone, senior commodities strategist at Bloomberg Intelligence, has contributed to the optimism about the power of halving.

Related: Bitcoin Price Gains 6% As Bloomberg Analyst Favors $ 40K Over $ 20K Below

On Saturday, he described Bitcoin’s declining supply as a “bull ace” for the largest cryptocurrency that can naturally drive the price.

“Bitcoin $ 100,000 has a bullish ace up its sleeve: supply decline – a cut in the supply of Bitcoin follows this year, making it more likely that the price will appreciate if past patterns hold,” he summarized.

Overview of Bitcoin price metrics versus supply change. Source: Mike McGlone / Twitter

His optimism comes as Taproot, described as the most significant Bitcoin network upgrade in four years, is locked from activation by nodes.

In November, Taproot offers a series of improvements that, among other things, will make it cheaper to use some key functions, such as multi-signature transactions.