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The crypto analyst known for first applying the stock-to-flow model (S2F) to Bitcoin is undeterred by the top cryptocurrency’s brutal price action. In a new tweet, PlanB reiterates his view regarding where we are in the current bull cycle, asserting that BTC is only a few months into its bull run.

“Just to be clear: I do not think $60,000 was the top, far from it, because I do not see the kind of transactions that normally happen after an all-time high (red dots). In fact, I think we are just a couple of months out of the bear market (blue dots). And yes, this on-chain view fits S2F(X).”

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