The topic of the S2F model has come up again recently, and according to PlanB's analysis, there is a possibility that Bitcoin's average price could reach around $500k by 2028 within its cycle. Given the predictive accuracy of this S2F model based on halving cycles, I honestly think it's still worth paying close attention to.

Currently, Bitcoin's price is around $78,000, and since the all-time high is $126,000, there is still plenty of room for upward movement. If the S2F model is correct, it suggests that a period of significant breakout above this price range could occur. The framework of this model, which combines indicators like the 200-week moving average and realized cost, seems to function well over the long term.

However, looking at current address analysis, about 43% are in a loss state, especially short-term traders are taking a hit. Watching how this rebound unfolds, along with the reliability of the S2F model, will be key points of interest.