The favored Twitter account and creator of the bitcoin stock-to-flow (S2F) worth mannequin defined that “$288K [is] nonetheless in play.” In the meantime, information from the alternate Deribit reveals there’s 425 bitcoin name choices with a strike worth of $200K set for December 31, 2021.
Plan B Says: ‘$288K Nonetheless in Play’
On June 12, 2021, whereas bitcoin (BTC) costs have been hovering simply above the $35K zone, the favored Twitter account Plan B (@100trillionusd) informed his 553,000 followers that six-figure bitcoin costs are nonetheless intact. Plan B is a pseudonym and he printed the stock-to-flow (S2F) worth mannequin in March 2019. He additionally up to date the S2F mannequin to a different model referred to as the stock-to-flow cross-asset (S2FX) mannequin.
Twelve days in the past, Bitcoin.com Information reported on how Plan B mentioned his S2FX mannequin was “intact.” Plan B has at all times proven confidence in his mannequin however when he final tweeted concerning the S2FX being intact, he invoked a ballot on Twitter. The pseudonym requested his followers in the event that they thought the S2F mannequin would break or will it develop into a superb purchase sign. When the ballot accomplished greater than 53% of the 31,824 votes mentioned it was a “purchase sign.”
Plan B’s statements on Saturday nonetheless present confidence within the mannequin and even six-figure worth targets. “$288K nonetheless in play,” Plan B mentioned on Twitter. “It will actually shock me if bitcoin wouldn’t contact the black S2FX mannequin line this section. No matter present volatility, yellow inexperienced and blue dots will probably be (a lot) greater than crimson orange dots,” the analyst added.
A Twitter account responded to Plan B’s tweet on Saturday and requested: “What provides this confidence given the big downwards deviation from the mannequin in the mean time? Is it onchain analytics?”
Plan B responded and famous that issues look awfully much like 2013 and 2017. Plan B famous:
Deviation isn’t a lot completely different from 2013 (S2F ~10) or 2017 (S2F ~25), simply the standard inertia after a halving.
Deribit Name Choices With a Strike Value of $200K for December 31, Bloomberg Strategist McGlone Sees an Ace up Bitcoin’s Sleeve
Plan B isn’t the one individual anticipating six-figure costs as information from Deribit’s name choices information present greater than 400 contracts with an expiry set for the final day of 2021 for a worth above $200K per BTC.
Senior commodity strategist at Bloomberg Intelligence, Mike McGlone, additionally spoke about bitcoin’s shortage and touched upon the subsequent halving on Saturday.
“Bitcoin $100,000 Has Bullish Ace Up Its Sleeve: Declining Provide — This yr follows a lower in Bitcoin provide, making the worth extra prone to respect if previous patterns maintain,” McGlone tweeted, whereas additionally sharing a chart of the diminishing BTC provide. The diminishing bitcoin provide is a stark distinction to the $8 trillion recorded on the Federal Reserve’s stability sheet for the primary time in historical past on June 10, 2021.
In the meantime, some skeptics as regular disagree with individuals like Plan B or Mike McGlone as one individual responded to McGlone’s optimistic outlook. “Don’t marry the commerce, it’s in a bear market,” the person replied to McGlone on Twitter.
What do you concentrate on the six-figure costs “nonetheless in play” for bitcoin based on Plan B or the 400+ contracts betting the worth will probably be $200K by the yr’s finish? Tell us what you concentrate on this topic within the feedback part under.