S2F projections would have been valid last cycle if China Ban and FTX fraud wouldn't have happened, some analysts said (maybe even PlanB himself, IIRC).
The current cycle was projected to reach between $300k and $450k, somewhere after 2018. With Spot ETFs in place, this could be exceeded, but i have more trust in the old numbers. So, yes, the most bearish cycle so far should have been the last one, but it should somehow compensate later, according to economic theories.