The Bitcoin market officially kicked off its price surge on March 1st, according to quantitative analyst PlanB, also the creator of the controversial stock-to-flow (S2F) model for Bitcoin price prediction.
In a recent post on Twitter, PlanB stated that the accumulation phase of Bitcoin (BTC) along with buying opportunities at lower prices has concluded. The upward market trend has begun. If history is any guide, we may witness approximately 10 months of FOMO: a period of skyrocketing prices followed by multiple -30% corrections.
The analyst’s prediction came just two days after Bitcoin breached $60,000 for the first time in over two years.
While the S2F model gained popularity during the 2021 bull run, it hasn’t been a perfect predictor of Bitcoin’s price. The chart indicates that Bitcoin should have surpassed $100,000 in early August 2021, but it was trading around $44,000. Ethereum co-founder Vitalik Buterin has criticized the S2F model for giving investors a “false sense of certainty.”
PlanB’s forecast aligns with expectations from other analysts. According to Vetle Lunde, a senior analyst at K33 Research, Bitcoin typically performs best in the months following a halving event.
In addition to anticipated halvings, the recent approval of Bitcoin spot ETFs has further fueled investor interest in Bitcoin and subsequent price increases.