2021-11-25 19:16 |
Bitcoin stock to flow model creator, PlanB, backpedals on his $98k November closing price prediction.PlanB remains confident that Bitcoin’s price is headed to $100,000 by the end of the year.
Bitcoin analyst and investor, PlanB, has long held a bullish stance on Bitcoin’s price. The creator of the popular Bitcoin stock-to-flow (S2F) model previously envisioned Bitcoin closing the month of November with a price tag of at least $98,000.
He is however backpedaling on the prediction as the month is about coming to a close and BTC is nowhere near the predicted price. In a tweet today, he conceded that the floor model, with which he made the $98,000 call for the month since June, would “probably” fall short of the mark.
Different models, but S2F is still on track despite November’s missThe investor has previously clarified confusion around the models he utilizes. He stated that he uses three models namely the S2F model, the floor model, and the on-chain model. Based on the S2F model, PlanB maintains that Bitcoin is still on track to reach $100,000.
The price of Bitcoin has fallen behind a lot of predicted expectations for the month of November. The benchmark cryptocurrency is currently trading at around $59,249, down 0.11% on the day. With around 5 days left in the month, should it maintain its current price level, it will close the month with an around 4% loss from the month of October.
Within this month, Bitcoin reached a new all-time high of $68,789. The current price is around 14% down from the all-time high, as Bitcoin plummeted along with much of the cryptocurrency market.
It is worthy of note that PlanB’s prediction has been for the most part accurate. It hit the mark in the months of August, September, and October. He has also been accurate with his bearish predictions, accurately calling the previous bear storm in the market.
In previous years as well, the model has proven accurate as he predicted back in 2017 that Bitcoin would hit a $1 trillion market cap.
BTCUSD Chart by TradingView The market is still bullish for a $100k Bitcoin pricePlanB is not alone in making the $100,000 year-end call. Other notable pundits including analysts at the leading global bank Standard Chartered have also recently predicted a price of $100,000 per Bitcoin by the end of the year or early next year.
Meanwhile, several analysts are saying that the price performance has been due to fears that creditors of the defunct Mt Gox exchange could finally liquidate their payments – seven years after the cryptocurrency exchange collapsed. This is coming after the Trustee, Nobuaki Kobayashi, confirmed last week that 141,000 BTC ($8 billion) under custody would soon be distributed among those impacted by the Mt Gox fiasco.
Bitcoin’s poor performance seems to have also impacted the entire cryptocurrency market as well. Other top cryptocurrencies including Ethereum, Solana, Cardano, and Dogecoin have recently been performing poorly as well, dropping 4-17% in prices.
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