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    Majority of Crypto Investors No Longer Believe in PlanB’s Big Bitcoin Prediction: Survey

    A survey conducted by the creator of the Bitcoin (BTC) stock-to-flow (S2F) price model reveals that most investors no longer believe that the flagship cryptocurrency will hit $100,000 this year. 

    The S2F model, traditionally applied to commodities like gold and silver, predicts the performance  of an asset based on the idea that the price increases as asset becomes more scarce.

     

    Using the S2F model, PlanB originally forecasted that BTC will breach the $100,000 level by the end of 2021. S2FX, a variation of S2F, predicted that the top crypto will breach $288,000 between 2021 and 2024.

    A poll, which PlanB himself issued to his followers, shows that 40.7% of crypto investors believe that Bitcoin will stay below the six digit-level before December, 2021.

    The bearish sentiment arrives as the price of Bitcoin remains below $40,000 following its late-May crash.

    The dip was, according to crypto expert Su Zhu of Three Arrows Capital, instigated in part by billionaire Elon Musk’s remarks regarding BTC’s alleged negative environmental impact and the continued crackdown of crypto mining in China. 

    A similar survey conducted by PlanB before the market crashed shows that the majority of responders believed Bitcoin would hit $100,000 this year just three months ago.

    PlanB says the recent performance of BTC is putting his S2F model to the test.

    “Even for me it is always a bit uneasy when Bitcoin price is at the lower bound of the stock-to-flow model. Will it hold (like March, 2019 when I published S2F, or March, 2020 Covid, or Septempber, 2020 with BTC stuck at $10,000) and is this another buying opportunity? Or will S2F be invalidated?”

    Source: PlanB

    Despite the rocky price action, the crypto analyst remains bullish on Bitcoin. A chart he shared to his over 590,000 followers on Twitter shows that even in a worst-case scenario, BTC will hit $98,000 in November and $135,000 in December. 

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    Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

    Featured Image: Shutterstock/Tithi Luadthong

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