Bitcoin Stock-to-flow (S2F) developer and analyst, PlanB has predicted a $100,000 BTC price target for 2023.
The analyst made the statement via his Twitter handle saying that “both S2F and logarithmic regression point to $100K in 2023.”
The Bitcoin S2F Model
S2F is a Bitcoin rate forecast chart popularized by PlanB – a Dutch Investor with more than 25 years experience in financial markets. Using the tool, BTC price is calculated after dividing the existing supply of Bitcoin in circulation by its annual production.
The analyst has made several bitcoin price predictions in the past which few prove to be true. For instance, last year, he predicted BTC to reach $47,000 and $43,000 for the months of August and September respectively.
Still, last year, PlanB also estimated the digital asset price to reach 100k for the year 2021. However, although bitcoin hit a new all-time high (ATH) of over $68,0000, it subsequently crashed to almost half that amount before 2021 ended.
Despite the massive failure of PlanB’s 2021 $100k prediction, the analyst claims the digital asset’s current price is still within the lower bands of the projected S2F range and could hit the $100k mark in 2023.
A Twitter user with the username Crypto Bond replied to the analyst’s post recently, asking what happened to the S2F BTC 2021 price target.
PlanB replied,
“Correct, S2F 2021 target was $100K and for 2022 it is also $100K, that never changed. However, BTC price data is below model line. So the question is, do we need to refit the model to the lower data, or do we have to wait until this cycle is done (prices can be higher 2nd half)?”
However, many people are finding it very hard to trust PlanB’s S2F model yet again as they had suffered massive losses when it failed on its 2021 $100k prediction.
Some argued that the model is flawed and PlanB is constantly adjusting the price and moving the “goal post.” Commenting on latest prediction, Spencer Schiff, said,
“I think you’re trying to predict the future by looking in the rear view mirror. $100K might happen sooner than 2023, and/or the price might be much higher than $100k by the end of 2023.”
BTC Continues to Show Potential
Despite its volatile nature, BTC has continued to show its potential when compared to other asset classes.
Just a few days ago, Coinfomania reported that the digital asset had surpassed 6 major tech stocks by an average return on investment (ROI).
