New ATH renews faith in PlanB’s prediction of $ 98,000 BTC in December
Bitcoin (BTC) has hit a new all-time high, with the asset most recently changing hands in the mid-range of $ 67,000.
In the final hour of November 8th UTC, BTC hit undisputed price levels, with the bulls firmly in control of the market as price action retested the previous May 20th high. 10 is around $ 67,000.
Analysts mark this milestone on a historic day for Bitcoin Note Bitcoin’s market capitalization surged above $ 1 million for the first time on November 8, 2010.
Crypto Twitter appears to be enjoying a new all-time high, and many viewers seem to be reading the highs as it restores their confidence in the analyst’s stock-to-flow (S2F) model, restoring its uncanny accuracy in predicting the monthly closing price of BTC .
The model measures the backlog of a given asset divided by its annual production rate. PlanB first released its S2F model in March 2019 to quantify, measure, and predict the scarcity of Bitcoin, and then estimated that Bitcoin would hit $ 1 trillion in market cap after halving in May 2020.
Using S2F, PlanB suspect with incredible accuracy that Bitcoin will close near $ 47,000 in August and near $ 43,000 in late September, while the October closing price is overestimated by only 3%.
Looking ahead, S2F suggests that Bitcoin will close above $ 98,000 in November and hit $ 135,000 by the end of the year, with many betting on predictions that Bitcoin will trade in a six-digit range by the end of the year.
Related: New Bitcoin sellers are only selling half of BTC, according to new price prediction of $ 500,000
PlanB also pioneered the April 2020 Cross-Line Assets (S2FX) model, which predicts how the BTC market might react to changes in S2F dynamics based on the development of gold and silver through history.
Using the S2FX model, PlanB has speculated that this bull cycle could trade Bitcoin for $ 288,000 over the next year, with the analyst saying the market needs to see this.
As you know, the S2F model predicts an average of $ 100,000 for that halving (and based on the ground model, we hit $ 100,000 this year). But the S2FX model is forecasting an average of $ 288,000 for this cycle (we need real fireworks for that in 2022). Let’s see where this second stage of the bull market leads us pic.twitter.com/ttiNT5yMKe
– PlanB (@ 100 trillion USD) November 8, 2021
A current Twitter opinion poll von PlanB shows that 39.8% of 242,000 respondents believe that Bitcoin will hit $ 100,000 by Christmas, while 31.4% say BTC will trade for $ 288,000 and 23.8% say the market will be trading for $ 288,000 and 23.8% say the market will hit $ 25,000 by Christmas December will not exceed the six-digit figure.