The price of Bitcoin closed in September at a lower level than in August. While this might sound like a negative event for the BTC bulls, popular crypto analyst PlanB actually saw this happen months ago and predicted the exact closing price.
Moreover, offer more favorable rates for the end of October, November and December.
Bitcoin closes october near ATH?
BTC has gone through a roller coaster in the past few months after peaking at $65,000 in mid-April. The subsequent bounce, triggered initially by Elon Musk and later a Chinese ban on the crypto industry, pushed the asset south hard. In the following months, bitcoin lost more than 50% of its value and fell below $30,000 on several occasions.
The most recent example of this came in late July when BTC fell to $29,000. Since then, the tides have turned somewhat decisively.
PlanB, the famous crypto analyst behind the stock-to-stream model, saw these developments early on. Last June, he published a chart showing that this year’s “worst case scenario” based on price and on-chain metrics predicted this “weakness” in July.
Later, he imagined that the price of BTC would end in August at just over $47,000, which is what actually happened. The price line for September was a little lower – at around $43,000, which is what happened as well.
Taking into account his accuracy, it is worth noting that his closing forecast for October is $63,000. If bitcoin were to exploit that level, the asset would be shy of its all-time high ($65,000). For November, he sees BTC at $98,000, while in December, the price will be $135,000.
To be clear: the “worst case” / floor model is not, I repeat that it is not based on stock for streaming (S2F), it is based on price and on-chain data (as I wrote in my June 20 tweet below). So it’s great that August closes > 47K and September is now around 43K, but it says nothing about S2F. S2F says ~100k now. https://t.co/tj6SSwSzKR
– PlanB (@100 trillion USD) September 28, 2021
Nothing to do with S2F
PlanB is perhaps best known in the crypto community as the originator of the stock model for streaming and its variants, which also sees BTC enter the six-figure price territory by the end of this year.
However, the analyst was careful to distinguish the difference between the S2F prediction and the above-mentioned worst-case scenario.
However, PlanB has updated that the closing price of $43,834 in September also works “like clockwork” for the stock-to-flow model.
# bitcoin September closing price is $43,834.. like clock pic.twitter.com/nCZNaJJ2Fy
– PlanB (@100 trillion USD) October 1, 2021
Although BTC stands more than half way from the desired $100,000 mark, the number of analysts and notable names who envision such an increase in the next few months continues to grow. Among the latest numbers to come with that number are Northstar and Badcharts co-founder and CEO of Chainalysis, Adam Buck and Bloomberg’s Mike McGlone.
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