Things aren't looking so good for the stock to flow model

Yes, it does this from to time, but if you look at the last pre-halving period, bitcoin did not do this:

(Source:

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The price is well below the stock to flow line currently.

Last time we had a halving event only 2 months away the price was riding the line and popping slightly above it.

Not this time.

Is the stock to flow model going to outright fail?