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PlanB, creator of the Bitcoin stock-to-flow (S2F) model, says the Bitcoin price is unlikely to dip below $8,200 even as the top-ranked cryptocurrency has dropped 13% over the last one week.
The BTC price has fallen below the $9,000 mark. Taking to Twitter on Wednesday (February 26, 2020), PlanB identified $8,200 as the likely bottom for the current downward slide.
PlanB’s tweet reads:
“$8.2k bottom still stands. It would really be unprecedented if it breaks, never happened before. Note it has nothing to do with s2f.”
Thus far, PlanB’s S2F has been the most historically accurate Bitcoin price prediction model with a forecast of $100,000 per BTC before the end of 2021.
PlanB’s latest tweet is a reiteration of predictions offered earlier in February, stating that the Bitcoin price would stay above $8,200 and that the post halving BTC price will be above $10,000.
Over the last three days, Bitcoin (BTC) has lost over $1,000 and is down close to 18% since been unable to overcome resistance at the $10,600 price level.
Despite the current slide, the Bitcoin price is still up by more than 20% since the start of the year.
‘Rationalized Bullshit’ – Vitalik Buterin Pans Bitcoin Price Forecasts
Ethereum (ETH) co-founder Vitalik Buterin does not believe that the popular stock-to-flow model is useful for predicting the BTC price.
In a Twitter debate on Feb. 27, Buterin became the second well-known figure to criticize stock-to-flow, which calls for BTC/USD to trade at an average $100,000 between 2021 and 2024.
The model has been historically accurate at predicting Bitcoin’s growth and currently calls for an average of around $8,606.
After trading at more than 20% higher, Bitcoin this week fell to within $200 of that target.
For Buterin, however, stock-to-flow is a prediction model like any other.
Discussing press articles that attribute specific events to Bitcoin price growth, he claimed that the vast majority were “post-hoc rationalized bullshit.”
“Your daily reminder that 95%+ of articles of the form “event X will make crypto go (up | down)” are post-hoc rationalized bullshit,” he wrote.
When asked specifically whether stock-to-flow articles also came under that banner, Buterin added: “Nah, that stuff is part of the 95%.”
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