PlanB Continues Nailing Bitcoin Price – Next Stop $98K End Of November
Bitcoin closed October little above $60,000, which was not far from PlanB’s $63,000 ‘worst case scenario’ forecast, after he nailed August and September closes. He’s prediction for BTC end of November is $98,000.
PlanB – the notoriously famous crypto analyst, who was first to apply stock-to-flow (S2F) model in Bitcoin – predicts that Bitcoin’s price could add 60% of value in the next 30 days to close just shy of $100,000.
He was spot on in regards to the August and September BTC close price and was very close in October.
Bitcoin to $98K By End of November?
PlanB is one of the most popular and most well-known analysts in the crypto industry. The stock-to-flow model is generally applied to natural resources such as gold or silver. The commodities are often referred to as “store of value” resources that, in theory, should retain their value over the long term due to their scarcity and low flow. It sees the stock as the size of existing reserves (or stockpiles) and the flow as the annual supply of new bitcoins to the market.
PlanB’s model predicts BTC breaking into a six-digit price territory by the end of the year, with the most optimistic prediction being at $288,000 in the next 60 days.
However, his worst-case scenario, which is not based on the S2F model, is more modest, but also places BTC above $100,000 by the end of 2021. In this prediction the December target is $135,000, while the November one is at $98,000.
If Bitcoin reaches PlanB’s modest prediction at the end of November, it would have to increase its USD value by roughly 60% from today’s prices. While to many this might sound overly ambitious, BTC has proven in the past that it’s certainly capable of such movements. In October alone, bitcoin went up by over 40%.
PlanB’s Price Prediction Accuracy
When providing the analyst’s upcoming price predictions, it’s also worth looking into his track record in predicting Bitcoin’s preformance. The aforementioned “worst case scenario” saw bitcoin closing at $47,000 at the end of August before retracing slightly to $43,000 at the end of September.
Interestingly, he nailed both. October’s end saw BTC closing at $61,000, while PlanB’s prediction was for $63,000. As such, he admitted a 3% “rounding error” but added that it’s “close enough for me.” And close enough for us too, to take seriously what the analyst puts on the table.
Bitcoin skyrocketing to $100,000 by the end of the year seems like the predominant belief among many crypto insiders and even previous critics, such as the Wolf of Wall Street – Jordan Belfort. He joined Chainalysis CEO, Adam Back, Anthony Scaramucci and many others in forecasting such a price line by December 2021.
Aug $47K✅ Sep $43K✅ Oct $61K new monthly close ATH!✅ Ok ok, 3% rounding error .. close enough for me Next targets: Nov>$98K, Dec>$135K? pic.twitter.com/7LSnQBYJ33
