Bitcoin Price Undervaluation: Plan B's Case for Potential 10x Rally

Cryptocurrency analyst Plan B has highlighted a significant divergence between Bitcoin’s current price and its historical relationship with traditional markets, suggesting this deviation could be a precursor to substantial gains. According to Plan B’s analysis, Bitcoin is trading well below its long-term correlation trends when compared with the S&P 500 and gold, a pattern that rarely occurs and has historically preceded major price movements.

Current Bitcoin Price Shows Historic Divergence from Traditional Assets

In December 2025, Plan B flagged that Bitcoin at approximately $87,500 was significantly undervalued relative to traditional asset correlations. His analysis pointed to gold pricing around $4,500 and stock market valuations reflected in the S&P 500, arguing that Bitcoin’s price deviation from these benchmarks is notable from a historical perspective. The current Bitcoin price level at $67.27K (as of March 2026) represents an important inflection point in his ongoing analysis.

Plan B emphasized that this type of divergence has appeared only once before in Bitcoin’s history—when the cryptocurrency was trading below $1,000. That previous disconnect ultimately resulted in roughly a 10x price appreciation, providing what he considers compelling historical precedent. However, he acknowledged the caveat that correlations are not guaranteed to hold, and past performance cannot assure future results.

Stock-to-Flow Model: Why Plan B Sees Scarcity as Price Driver

As the creator of the Stock-to-Flow (S2F) model, Plan B views Bitcoin through the lens of supply scarcity dynamics similar to precious metals like gold. The model suggests that assets with genuine scarcity tend to appreciate during periods of monetary debasement, establishing correlations between supply constraints and price trajectories. Though the S2F model has faced criticism for occasionally missing market cycle peaks, it remains widely referenced across the cryptocurrency ecosystem.

Plan B’s framework centers on the idea that Bitcoin’s halving events and fixed supply cap create inherent scarcity value that should reflect in stronger price correlations with inflation-hedging assets. This perspective underpins his interpretation of the current Bitcoin price divergence as a temporary anomaly rather than a fundamental break from historical relationships.

Breaking Correlations: Plan B’s Long-Term Market Thesis

Responding to critics who argue Bitcoin should remain uncorrelated from traditional markets, Plan B maintains that assets exhibiting real scarcity tend to move together during monetary expansion periods. He notes that Bitcoin’s correlations have never remained static throughout different market cycles, shifting based on adoption rates, macroeconomic conditions, and investor behavior.

Currently, Bitcoin has traded laterally following its October peak, generating market debate about whether the consolidation phase precedes another significant rally or signals the beginning of a more extended correction. Plan B’s take remains cautiously optimistic: the current Bitcoin price positioning deserves close monitoring, though he reiterates that only time will ultimately reveal whether the divergence triggers the expected upside move.