Bitcoin (BTC), the flagship cryptocurrency, recently reached an all-time high (ATH) of $123,091 amid bullish sentiment. Despite that spike in value, PlanB, the creator of the Stock-to-Flow (S2F) model, claims that Bitcoin is likely 10 times undervalued in the broader financial space.

Bitcoin maintains bullish momentum

In a post on X, PlanB argued that, relative to gold, Bitcoin has a higher S2F ratio of approximately 120, compared to the former’s 60. Notably, a higher S2F implies greater scarcity. So, despite gold’s historically scarce nature, PlanB insists that Bitcoin is even scarcer.

The analyst’s argument rests on the 21 million cap of Bitcoin. He noted that Bitcoin, having a market capitalization of $2 trillion compared to gold’s $20 trillion, is at least 10 times undervalued in terms of its current price.

If PlanB’s projection is to be taken, it implies that Bitcoin should be valued at over $1.18 million. As of press time, Bitcoin is trading at $118,507.67, representing a 0.52% increase over the last 24 hours.

Investors remain bullish about the flagship currency, as trading volume has increased by 36.16% to $65.88 billion within the same time frame. This may be related to its technical indicators, which indicate that BTC is holding above critical support levels.

Analysts Forecast $200K BTC

Interestingly, Matt Hougan, Bitwise’s Chief Investment Officer (CIO), maintains that Bitcoin is in a discovery phase. Hougan believes that Bitcoin could reach $200,000 by the end of 2025, driven by growing institutional demand and increasing adoption.

Meanwhile, another notable voice, Robert Kiyosaki, the author of "Rich Dad Poor Dad," has stated that the flagship digital asset might crash in the future, along with gold and other precious metals.

However, Kiyosaki says he intends to accumulate more when that happens. This suggests that the financial author remains bullish about BTC and is eager to invest more in the asset.