The analyst behind PlanB, a stock-to-flow model that predicts Bitcoin’s value, believes Bitcoin could see a 60% increase in price over the next 30 days, closing just short of $100,000. He was right about the September close price of Bitcoin and was even closer in October.
Bitcoin will reach $100K by November’s end
PlanB is a popular analyst in the cryptocurrency community. He is best known for his stock-to-flow model. It defines the stock as the amount of current reserves or stockpiles, and the flow as an annual supply of bitcoins to market.
PlanB’s model predicts that BTC will reach six-digit territory by the end the year. The most optimistic prediction is at $288,000 within the next 60 days.
The worst-case scenario, not based on S2F, is less likely. The December target for BTC is $135,000 and the November target is $98,000.
If the primary cryptocurrency does indeed reach this price, it will need to increase its USD value approximately 60% compared to today’s prices. This may sound daunting, but BTC has shown in the past that it is capable of such movements. Bitcoin soared by more than 40% in October alone.
Oct $61K monthly close ATH
Okay, 3% rounding error.. close enough. Next targets: Nov>$98K and Dec>$135K
— PlanB (@100trillionUSD November 1, 2021
PlanB’s Price Predictions and History
It’s worth asking the analyst about his past attempts at forecasting prices. Bitcoin closed at $47,000 at August’s end, before recovering slightly to $43,000 at September’s end.
Both forecasts came true, and it was quite interesting. BTC closed at $61,000 in October, while PlanB predicted $63,000. He admitted that there was a 3% rounding error, but said it’s close enough for him.
Many crypto insiders believe that Bitcoin will skyrocket to $100,000 by the end the year. This is also the belief of Jordan Belfort, the Wolf of Wall Street. He was joined by Chainalysis CEO Adam Back and Anthony Scaramucci to forecast such a price range by December 2021.
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