PlanB Predicts Bitcoin To Close At $63K In October, Nailed Aug & Sept
A well-known pseudonymous trader, PlanB, correctly predicted the Bitcoin price for August and September. His October closing price would take BTC to $63,000.
Bitcoin’s price closed in September at a lower level than it did in August. While that may sound like a negative occurrence for BTC bulls, PlanB saw this happening months ago and predicted the exact closing price.
He has also predicted more favorable prices for the end of October, November, and December.
PlanB: Bitcoin to Close October at $63K
BTC price has been on a roller-coaster ride in the past few months after the peak of around $65,000, which it reached in mid-April this year. The subsequent correction drove the asset down hard. In the following months, bitcoin had lost more than 50% of its value and dumped below $30,000 on several occasions.
The latest such example came in late July when BTC went all the way down to $29,000. Since then, it has gained back momentum.
PlanB, who is well-known for applying the stock-to-flow model on Bitcoin, predicted these developments early on. In June 2021, he posted a graph showing that his “worst-case scenario” for this year based on the price and on-chain metrics predicted this “weakness” in July.
Bitcoin is below $34K, triggered by Elon Musk's energy FUD and China's mining crack down.
There is also a more fundamental reason that we see weakness in June, and possibly July. My worst case scenario for 2021 (price/on-chain based): Aug>47K, Sep>43K, Oct>63K, Nov>98K, Dec>135K pic.twitter.com/hDONOVgxH1
He wrote that Bitcoin price will end August at just over $47,000, which it actually did. The price line for September was slightly lower – at around $43,000, which also happened.
Taking into account how accurately PlanB has been predicting BTC price, it might be useful to look at his October closing prediction, which is $63,000. If bitcoin will reach this level, the asset would be close to its all-time high record ($65,000). For November, he sees BTC at $98,000, while for December, it would climb up to $135,000.
To be clear: "worst case"/floor model is NOT, I repeat NOT based on stock to flow (S2F), it is based on price and on-chain data (like I wrote in the June 20 tweet below). So, great that Aug closed >47k and Sep is now around 43k, but it says NOTHING about S2F. S2F says ~100k now. https://t.co/tj6SSwSzKR
PlanB is known in the cryptocurrency community as the creator of the stock-to-flow model and its variations, which also see BTC going into a six-digit price territory by the end of this year.
However, the analyst made sure to distinguish the difference between the S2F prediction and his worst-case scenario prediction.
He also pointed out that the closing price of $43,834 in September also works “like clockwork” for the stock-to-flow model.
