Graph [here](https://www.lookintobitcoin.com/charts/stock-to-flow-model/). The variance is currently -1.03, which is a measure of how far the actual price is deviating from the model’s prediction. The closest the variance was to this previously was the 16th of July 2017, nearly exactly 4 years ago.
This is not the most the model has ever deviated from the actual price, however. That was back on the 29th of November 2013, with a variance of +1.9.
What do you believe? The model was never valid? The model was previously valid but now is not? The model is still valid?