Stock-to-Flow Creator Says “$ 288,000 Left In The Game” Mike McGlone Sees An “Ace Up Bitcoin” – Markets And Prices Bitcoin News
The popular Twitter account and creator of the Bitcoin Stock-to-Flow (S2F) pricing model stated that “$ 288,000” [is] Still in the game. “Meanwhile, data from the Deribit exchange shows there are over 425 Bitcoin call options with an exercise price of $ 200,000 as of December 31, 2021.
Plan B says: ‘$ 288,000 still in play’
On June 12, 2021, while Bitcoin (BTC) prices hovered just above the $ 35,000 zone, the popular Twitter account Plan B (@ 100trillionusd) told its 553,000 followers that six-digit Bitcoin prices were still intact are. Plan B is a pseudonym and it released the Stock-to-Flow (S2F) pricing model in March 2019. He also updated the S2F model to a different version called the stock-to-flow cross-asset (S2FX) model.
Twelve days ago, Bitcoin.com News reported how Plan B said its S2FX model was “intact.” Plan B has always shown confidence in its model, but the last time he tweeted about the integrity of the S2FX, he called a survey on twitter. The pseudonym asked its followers if they thought the S2F model was going to break or prove to be an excellent buy signal. When the poll completed more than 53% of the 31,824 votes, it was a “buy signal”.
The statements from Plan B on Saturday continue to show confidence in the model and even six-figure price targets. “$ 288,000 is still in play,” Plan B said on twitter. “It would really surprise me if Bitcoin didn’t touch the black S2FX model line at this stage. Regardless of the current volatility, yellow-green and blue dots will be (much) higher than red-orange dots, ”added the analyst.
A Twitter account responded to Plan B’s tweet on Saturday and asked: “What gives this confidence in view of the large downward deviation from the model at the moment? Is it onchain analytics? “
Plan B responded and found that things looked very similar to 2013 and 2017. Plan B stated:
The deviation does not differ significantly from 2013 (S2F ~ 10) or 2017 (S2F ~ 25), only the usual sluggishness after halving.
Deribit call options with an exercise price of $ 200,000 for December 31st, Bloomberg strategist McGlone sees an ace up Bitcoin’s sleeve
Plan B isn’t the only person expecting six-digit prices, as data from the records of Deribit call options shows more than 400 contracts with an expiration date for the last day of 2021 for a price in excess of $ 200,000 per BTC.
Bloomberg Intelligence’s chief commodities strategist Mike McGlone also spoke about Bitcoin’s scarcity and discussed the next halving on Saturday.
“Bitcoin $ 100,000 has a bullish ace up its sleeve: Falling Supply – Bitcoin supply will be cut this year, increasing the likelihood that price will rise if past patterns persist,” McGlone said tweetedwhile they also share a graph of declining BTC supply. The declining supply of Bitcoin is in stark contrast to the $ 8 trillion that hit the Federal Reserve’s balance sheet for the first time in history on June 10, 2021.
Meanwhile, as usual, some skeptics disagree with the likes of Plan B or Mike McGlone as one person reacted to McGlone’s optimistic outlook. “Don’t marry the trade, he’s in a bear market,” the individual answered to McGlone on Twitter.
What do you think of the six-digit prices that are “still in the game” according to Plan B for Bitcoin, or the 400+ contracts that are betting that the price will be $ 200,000 by the end of the year? Let us know what you think on this matter in the comments below.
Photo credits: Shutterstock, Pixabay, Wiki Commons, Plan B, Twitter, Mike McGlone, Bloomberg,
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