Renowned crypto analyst, PlanB, says he stands by his Bitcoin price prediction of $288,000. He provided new data to back his claim.
The analyst made the announcement via a tweet on July 16. He shared new data based on a Bitcoin stock-to-flow cross-asset (S2FX) model to support his price prediction. The S2FX model factored in precious metals gold, silver, and diamond. It also considered the global real estate market and Bitcoin itself.
The succinct tweet included PlanB’s prediction formula: “Formula BTC = exp(12.7)*S2F^4.1”, along with his prediction saying it was still “unchanged.” He promised his followers a more detailed article with explanations and other sources soon.
When asked by a Twitter user why real estate was part of the chart, the analyst said he was also surprised by it. “But real estate has indeed [an] S2F of 95. I guess I am the first one looking at real estate through [an] S2F lens. It [is] super interesting because now we can also interpolate (instead of [extrapolating]) bitcoin 2024 halving!” said the analyst.
PlanB went further to justify the presence of real estate in the chart as saying it is also a “store of wealth”. As for other precious metals such as copper and platinum, the analyst said they have a low stock-to-flow value of less than 1.