Bitcoin analyst PlanB said Bitcoin's long-term value should be understood through scarcity rather than short-term price volatility, arguing that his Stock-to-Flow framework tracks supply dynamics tied to Bitcoin's fixed 21 million coin cap and halving cycle. He said valuation based on fundamentals such as scarcity and Stock-to-Flow remains in the $250,000 to $1 million range, but market price can deviate sharply from that level. In a July 1 X post, PlanB said Bitcoin ended June at $58,526, below the roughly $62,000 200-week moving average but still above its roughly $52,000 realized price, and warned that if historical patterns repeat the market could still see another capitulation and liquidation phase. CryptoQuant founder Ki Young Ju separately said Bitcoin may still have another parabolic cycle ahead, but argued that far larger capital inflows, potentially trillions of dollars, may be needed to drive the next major rally.