The September closing price of Bitcoin was lower than August’s. Although this may seem like a bad thing for BTC bulls it is actually something PlanB, a popular cryptocurrency analyst, predicted months in advance.
He also offered even better prices for December, November, or October.
Bitcoin closes Oct at ATH?
BTC experienced a roller-coaster ride in the months following its peak of $65,000 in April. Elon Musk’s initial retracement and then the recent Chinese ban on crypto industry drove the asset down hard. Over the next months, bitcoin lost more than half its value and was frequently sold below $30,000 at various times.
In late July, BTC fell to $29,000. However, things have changed dramatically since then.
These developments were noticed by PlanB, the crypto analyst who created the stock-toflow model. In June, he published a graph that showed his worst-case scenario for the year. It was based on July’s price and on-chain metrics.
Later, he predicted that BTC’s August price would be just over $47,000. It actually happened. September’s price was slightly lower at $43,000.
Keep in mind his accuracy and note that his October closing prediction was at $63,000. Bitcoin would reach this level if it were to surpass its record of $65,000, which is just shy of the all-time record. He sees BTC trading at $98,000 in November and $135,000. In December, it would trade at $135,000.
To be clear, “worst-case”/floor models are NOT, I repeat NOT, based on stock flow (S2F), but on price and on chain data (as I explained in my June 20 tweet). It’s great that Sep closed at 43k and Aug closed at 47k respectively, but that doesn’t mean anything about S2F. S2F now says 100k. https://t.co/tj6SSwSzKR
— PlanB (@100trillionUSD September 28, 2021
S2F is a complete nonsense
PlanB is most well-known in the cryptocurrency community for creating the stock-toflow model and variations. These models see BTC moving into six-digit territory by the end.
The analyst was able to clearly distinguish between his S2F prediction, and the worst-case scenario.
PlanB however updated that September’s closing price of $43,834 works “like clockwork”, for the stock to flow model.
#Bitcoin Sept closing price $43,834 .. like clockwork pic.twitter.com/nCZNaJJ2Fy
— PlanB (@100trillionUSD October 1, 2021
BTC is still more than half a mile away from the desired $100,000 mark. However, prominent analysts and names continue to see this increase over the coming months. This number was recently announced by Adam Back, co-founder of Northstar and Badcharts and Bloomberg’s Mike McGlone.
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