Skip to main content

Plan B Says Bitcoin Price Still ‘on Track Towards $100K’ Despite Missing November’s Price Prediction

This month, the price of bitcoin sank below the $60K zone this month after reaching an all-time high (ATH) at $69K per unit. The pseudonymous bitcoin analyst and the creator of the bitcoin price model called stock-to-flow (S2F), Plan B, called the last three months of bitcoin prices correctly but the analyst’s “worst-case scenario” forecast missed the mark in November. Despite the recent bitcoin price drop, Plan B still seems confident bitcoin’s price is “on track towards $100K.”

Plan B’s Bitcoin Price Prediction for November Misses the Analyst’s $98K Call

The infamous pseudonymous bitcoin analyst Plan B is well respected among bitcoiners and has amassed 1.5 million Twitter followers since October 2017. Plan B is the creator of the popular bitcoin price model called stock-to-flow (S2F), which quantifies the commodity’s (bitcoin) scarcity and then divides it by yearly issuance (the flow). The analyst has done well as far as bitcoin (BTC) price predictions are concerned, but this month one of his calls missed.

It started four months ago when Plan B tweeted about his “worst-case scenario for 2021” forecast in June. Plan B stated that he believed BTC prices would be “Aug>47K, Sep>43K, Oct>63K, Nov>98K, Dec>135K” in the worst-case scenario.

So far three out of four of his monthly price predictions have come to fruition and Plan B was also correct when he said: “$64K was not the top.” The miss this month was the first time Plan B’s prediction has been off so far as the call for November had a $98K target.

Plan B Acknowledges November Price Prediction Missed

Plan B acknowledged that his prediction missed this month as bitcoin (BTC) prices slid under the $60K zone following the recent $69K ATH. “Floor model $98K [November] close will probably be a first miss (after nailing Aug, Sep, Oct). S2F model not affected and indeed on track towards $100K,” Plan B stressed to his 1.5 million followers on November 25.

More than 39,000 accounts on Twitter liked the tweet and it was shared close to 5,000 times. Correctly forecasting three out of four predictions is very good and Plan B’s followers are curious about what the price will be for the month of December.

Two days later, the pseudonymous bitcoin analyst tweeted about the crypto asset’s relative strength index (RSI). “Bitcoin RSI 66 and 10% below monthly close ATH,” Plan B said. The following day, Plan B noted that “bitcoin has better risk-adjusted returns than all other assets.”

Plan B Says Bitcoin Price Still 'on Track Towards $100K' Despite Missing November's Price Prediction

The analyst also created a poll, which has 19 hours left, but so far has received 142,490 votes. The poll asks if $69K was the top for this halving cycle or if the price of bitcoin (BTC) will exceed the $69K ATH reached on November 10. Stats from Plan B’s poll indicate that at the time of writing, 78.4% think BTC’s price will surpass $69K while 21.6% voted that “$69K was the top.”

What do you think about Plan B missing the November prediction but correctly forecasting the last three months prior? Do you think bitcoin is headed for $100K or do you think $69K was the top? Let us know what you think about this subject in the comments section below.



from Bitcoin News https://ift.tt/3xA8hA1
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more