Bitcoin’s price could add 60% of value in the next 30 days to close just shy of $100,000, predicted the analyst behind the popular stock-to-flow model, PlanB. He was spot on in regards to the September BTC close price and was agonizingly close in October.
PlanB is among the most popular analysts in the cryptocurrency community, best known as the person behind the stock-to-flow model. 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.
Consequently, PlanB’s model envisions BTC tapping 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.
His worst-case scenario, which is not based on the S2F model, is more modest. It also sees BTC above $100,000 by the end of 2021, but the December target is $135,000, while the November one is at $98,000.
Should the primary cryptocurrency indeed reach such a price tag at the end of November, it would have to increase its USD value by roughly 60% from today’s prices. Although this sounds like a tall task at first, BTC has proven in the past that it’s certainly capable of such movements. In October alone, bitcoin went up by over 40%.
When providing the analyst’s upcoming price predictions, it’s also worth knowing his history in previous attempts. 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, both forecasts materialized. 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.”
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, and Anthony Scaramucci in forecasting such a price line by December 2021.