Plan B stated that he doesn’t see a bear market appearing anytime soon, given that bitcoin has doubled its price every year since 2023, breaking the 4-year cycle for this metric and signaling a new maturity for the market surrounding the asset.

Plan B Calls Out Bitcoin Naysayers, Bear Market Not In The Horizon

Plan B, the pseudonymous bitcoin analyst known for his description of the stock-to-flow (S2F) price prediction, came out to debunk the predictions of an upcoming bear market. He stated that, according to his analysis, the numbers did not support the existence of such a market, given that bitcoin has been accruing value yearly since 2023.

Plan B remarked that since 2023, bitcoin has at least doubled in price every year, doubling from $20k to $40k in 2023 and from 40k to $80k in 2024. In this sense, he commented that this trend might continue in the future, as the market matures with the introduction of institutional holders that are bringing more stability to the otherwise volatile bitcoin market.

He explained:

What if this steady uptrend continues, from $80k to $160k in 2025, to $320k in 2026, to $640k in 2027 etc? Yes such a scenario would mean the end of the 4-year cycle, earlier than I expected tbh, but it would fit a more mature market.

Matt Hougan, CIO of Bitwise, also referred to this possibility in the past, referring to the new stability that value buyers would give the bitcoin market, making upswing and pullbacks less violent.

Read more: Bitwise CIO: ‘Value’ Buyers Set to Diminish Bitcoin Violent Pullbacks

Plan B dismissed the notion that this new phase of market maturity would affect the validity of his trademark S2F price model, stating that this behavior falls under its possibilities. “(80k+160k+320k+640k)/4=300k average. This is (just) within S2F range of 250k-1m. Also, this is way above most other models,” he stressed.

In February, Plan B’s movement to Bitcoin ETFs sparked an uproar from the bitcoin community, who rejected his use of these instruments to substitute on-chain bitcoin. “Not having to hassle with keys gives me peace of mind. I guess I am not a maxi anymore,” he concluded at that time.

Read more: ‘Not a Maxi Anymore:’ Plan B Pivots to Bitcoin ETFs