Bitcoin's Stock-to-Flow (S2F) model, as analyzed by pseudonymous analyst PlanB, predicts an average price of $500,000 for Bitcoin during the 2024-2028 halving cycle. This projection suggests that Bitcoin could spend significant time above this price level if the model holds true. Despite recent fluctuations, with Bitcoin reclaiming the $70,000 mark, the S2F model indicates a potential long-term rally. PlanB's analysis overlays Bitcoin's price history with key indicators such as the 200-week moving average and realized cost price, supporting the view that the S2F model's framework remains intact. Currently, about 43% of Bitcoin addresses are at a loss, primarily among short-term holders, as Bitcoin trades below its October 2025 peak.