Recently, the cryptocurrency market has been filled with doom and gloom. Yet, anonymous quantitative analyst PlanB is optimistic that his price prediction of $288K on BTC will come true within the next three years, even as bitcoin continues to struggle following last month’s 40% drop.

In a June 12 tweet, the originator of bitcoin’s so-called stock-to-flow pricing model — an economic model mostly used to measure scarcity based on the present supply and annual inflation of precious metals like gold and silver —  argued that bitcoin is still on track for the stratospheric six-figure level.

$288,000 Still In Play: PlanB

After bitcoin’s drop from $64K all-time highs to $35,860 at press time, dozens of analysts are concerned about a bigger pullback.

For analyst PlanB, however, such an event is highly unlikely. Captioning a chart titled “Bitcoin going for gold ($10T market cap)”, PlanB is evidently unfazed by bitcoin’s current consolidation below $40,000.

The kind of surprise that PlanB is talking about would really put the S2F model to the test. For perspective, the model has accurately tracked bitcoin’s growth in the past.

As ZyCrypto has covered previously, the stock-to-flow model calls for $288,000 BTC by 2024 based on the current block halving cycle. Halving is a quadrennial event that slashes the amount of BTC rewarded to miners by 50%. This is believed to reduce the supply of bitcoin and subsequently boost the price of the asset. The S2F model has gained popularity in the cryptoverse so much that PlanB even updated it to the stock-flow cross-asset (S2FX) model.

Is A Prolonged Bull Market Still Realistic After Recent Meltdown?

Previously, bitcoin’s price has registered huge deviations above and below the stock-to-flow model. We are currently seeing a large deviation below the line. Nevertheless, PlanB believes the flagship cryptocurrency is behaving as it did during the 2013 and 2017 bull markets — further invalidating claims that bitcoin has officially entered a bear market. 

“Deviation is not much different from 2013 (S2F ~10) or 2017 (S2F ~25), just the usual inertia after a halving,” PlanB stated.

Truth be told, it’s quite difficult to predict whether bitcoin’s price will rally to $288K at some point in the next three years. But if it does, expect PlanB’s piercing cries of “Told you so!”