PlanB's Worst-Case Scenario For Bitcoin Is $135k By December But Crypto Twitter Is Unconvinced

What Happened: PlanB, the pseudonymous creator of the Stock-to-Flow (S2F) price model for Bitcoin BTC/USD, has a revised price target for the cryptocurrency by year-end.

By his estimates, the “worst case scenario” for Bitcoin is a price of $135,000 by December.

Bitcoin is below $34K, triggered by Elon Musk's energy FUD and China's mining crack down.

There is also a more fundamental reason that we see weakness in June, and possibly July. My worst case scenario for 2021 (price/on-chain based): Aug>47K, Sep>43K, Oct>63K, Nov>98K, Dec>135K pic.twitter.com/hDONOVgxH1

— PlanB (@100trillionUSD) June 20, 2021

Earlier this year, the investor set a price target of $288,000 on Bitcoin for the end of the year, which he considers the “average price-level” of the current four-year cycle.

The S2F creator also believes that in the best-case scenario, Bitcoin could even reach a high of $450,000 in the next six months.

However, with Bitcoin now trading under $33,000, market participants turned bearish in their outlook for the cryptocurrency market with many no longer buying into the hypothesis of a six-figure price target for Bitcoin in the coming months.

ZERO chance of $100K this year. You're more likely to be sub $20K.

— Harry � (@InverseBull) June 20, 2021

“How is this even possible based on available buyers? Who is gonna bid this up?” asked one crypto investor on Twitter.

Do you think #bitcoin will reach $500K, $288K (S2FX model), $100K (S2F model), or will BTC stay below $100K .. before December 2021?

— PlanB (@100trillionUSD) June 21, 2021

The majority of PlanB’s followers seemed to echo this sentiment. A poll posted by the S2F creator revealed that nearly 40% thought Bitcoin would stay under $100,000 by the end of the year.

Price Action: Bitcoin was trading at $32,209 at the time of writing, dropping 20% in value over the past seven days. Leading altcoin Ethereum was also down by 22% over the past week and traded at $1,977 at press time.

Photo by Executium on Unsplash