Price ÷ fitted S2F model — Price ÷ fitted S2F model price — >1 above model, <1 below; mean-reversion cycle gauge
S2F reversion compares Bitcoin with a long-horizon model: Price ÷ fitted S2F model. It makes the distance from that model visible over time.
Above 1, price trades above the scarcity model; below 1, under it. Watch behavior around halvings (vertical markers) — the model steps up there.
S2F is a contested model — treat this as a mean-reversion gauge, not a price target.