Can S2F still be trusted? Is PlanB's model a meme or a joke?

PlanB's stock-to-flow (S2F) model was once the most revered 'belief chart' among crypto enthusiasts.

After the halving in 2020, it successfully predicted the rise of Bitcoin from $4,000 to $55,000, achieving legendary status. The core logic is that as scarcity increases, value rises.