## Bitcoin at $91.5K: PlanB's Undervaluation Theory That Makes Holders Dream

Lately, something strange has been happening in the markets. Bitcoin continues to rise, but according to analysts, it shouldn't be where it is now. Expert PlanB has noticed that the current BTC price shows an unusual divergence from its historical correlations with (S&P 500) stocks and gold. In simple terms: BTC is trading at a discount compared to where it should be based on historical data.

### When it happened before: lessons from the past

Here's the interesting data. A similar situation has occurred only once in Bitcoin's history: when the price was still below $1,000. And what happened? A spectacular rally, with BTC multiplying its value by 10 times. At that time, as today, Bitcoin was well below its regression line relative to both traditional assets and precious metals.

The creator of the Stock-to-Flow model notes that the current deviation is noteworthy precisely because it reflects a very rare pattern. Not a coincidence, but a market anomaly that has historically been followed by significant upward movements.

### From theory to practice: the Stock-to-Flow model and beyond

PlanB is best known for his Stock-to-Flow model, which treats Bitcoin as an asset with structural scarcity similar to gold or other commodities. According to this perspective, when money depreciates, truly scarce assets tend to move together upward. Bitcoin's correlations are not static; they change depending on market cycles.

However, the same PlanB admits that nothing is guaranteed. Correlations could break, and this time it might go differently. The Stock-to-Flow model has faced criticism because it hasn't always accurately predicted cyclical highs, yet it remains one of the most followed frameworks in the crypto community.

### The question everyone is asking

Is Bitcoin consolidating before a new upward move, or has it entered a prolonged cooling phase? Technical data suggest sideways movement with fairly flat shoulders in October. Some traders think it's the calm before the storm, others believe the market has already done its job.

PlanB remains cautious but optimistic about the reading of the historical divergence. The fact that BTC at $91.51K continues to stay below its traditional correlations could mean the market is undervaluing something. Or it might mean nothing—only time will tell how it will end.