At the time of writing, Bitcoin is trading at approximately $ 40,424 (on the Bitstamp exchange).After reaching a new ATH, which was over $ 40,000 in the past days, the price fell again below $ 35,000.
For this reason, fears have arisen that the Bitcoin price will not meet analyst PlanB’s S2F and S2Fx model targets. Interestingly, after the third halving, the price of Bitcoin was similar to the trend between 2012 and 2016 on Bitcoin’s price chart.
It is worth noting that according to the charts the S2F target is $ 100,000 and the S2Fx target is $ 288,000. Targets are considered an average price and the price is expected to fluctuate around the target price. Plan B expects the 2021 bull run to continue and follow a trajectory like 2017. In such a case, the target will be 100 thousand dollars.
However, the current bull run may be more similar to that of 2013. This is why Plan B updated the target from $ 100,000 to $ 288,000 according to the S2Fx model.
Plan B’s goal of $ 288,000 comes at a time when the number of Bitcoin whales increases every week, regardless of the price of Bitcoin. Bitcoin addresses with over 1000 BTC coins are growing exponentially, according to data from Glassnode.
However, based on Glassnode’s data, Bitcoin volume on exchanges is falling. As this limits the supply, it could push the Bitcoin price toward the predictions of the S2F model. A lengthy price rally also seems likely, although there are data pointing to an impending price correction. This time, although there are a lot of predictions as to whether the outcome will be different, no one really knows what will happen because the cycle is different. With a price rally still in play, hardly any price discovery was made beyond $ 40,000.
Finally, the famous analyst stated that the BTC price will increase by 60 percent in early 2021 last November and was right. On January 8, Bitcoin hit an all-time high of $ 42,000, followed by a correction of up to 30 percent. Since then, it has been traded in a narrowing corridor between $ 30-40,000. Today, with an unexpected move, it managed to rise above $ 40,000 again. Whether the price will stay above this level is a matter of concern.