For the first time in nine years, the S2F model failed to forecast the price of Bitcoin, for which PlanB is reviewing his predictive models. Nayib Bukele posted that Bitcoin will reach USD 100,000 this year, but with no bases to support it.
The pioneering cryptocurrency could not reach USD 100,000 in 2021, and the Stock-to-Flow (S2F) model failed for the first time in nine years. Financial analyst PlanB recently noted that he submitted his S2F-based predictive models to a review process. However, the president of El Salvador, Nayib Bukele, speculates that Bitcoin will hit that figure.
The Bitcoin community knows PlanB for its various predictive models, for which he now has over 1.7 million Twitter followers. His popularity grew for his accurate annual predictions about the price through S2F since 2012.
Nevertheless, in 2021, his prediction that Bitcoin would reach USD 100,000 failed, for which he is reconsidering how he will make more accurate forecasts.
The creator of the S2F model also relies on his other models, called the on-chain model and the floor model. However, he clarifies that there is no way to predict the price of Bitcoin accurately.
Even though he is rethinking his models, PlanB believes the S2F model remains in force. He considers that the mistake was predicting a specific figure rather than a range. He said that it is never a precise estimate but a range. For that reason, he believes that it is more relevant that BTC is in the band between USD 50,000 and USD 200,000.
Bukele Speculates about the Price of the Pioneering Cryptocurrency
PlanB reviews his predictive models because the market has spoken against his forecasts about the price of Bitcoin. At the same time, Nayib Bukele believes that Bitcoin will reach USD 100,000 this year.
On his Twitter account, the president of El Salvador posted his predictions for 2022, but with no bases to support them. Bukele thinks that Bitcoin will double its current price and become a relevant issue in the US Senate elections.
According to the president, two other countries will follow the lead of El Salvador and adopt Bitcoin as legal tender. Among his plans, he mentions that his nation will issue an excess of volcano bonds that Bitcoin mined with energy from volcanoes will back.
This new measure indicates that Bukele is making it clear that he wants to become an authority in the ecosystem. Curiously, in his eagerness to become a leading figure in the Bitcoin world, he seems to forget other tasks concerning him more as a president.
Until now, Nayib Bukele has not told citizens who is taking care of the Bitcoin funds of El Salvador. Ha has not responded to the many complaints about the Chivo Wallet or the disappearance of funds from accounts.
Bitcoin is currently trading at around USD 46,089 and has accumulated a loss of 9.4% in the last seven days. Its daily trading volume is above USD 21.97 billion, and its market capitalization is about USD 871.98 billion, according to CoinGecko.
By Alexander Salazar
