New ATH confirms PlanB’s $98K BTC projection by December. Is it possible for Bitcoin to reach the six-figure level before the year is out? It is possible that the price of bitcoin will reach $100,000. In the near future, according to the stock-to-flow model developed by PlanB. Bitcoin (BTC), a cryptocurrency, has achieved new all-time highs, with the commodity last changing hands. In the mid-six-figure range of the market price, according to CoinMarketCap.
Bulls firmly retook control of the markets during the final hour of Monday UTC time. As bitcoin (BTC) climbed to previously unheard-of levels. The cryptocurrency’s price movement retested the previous all-time high. Of around $67,000, which was reached on October 20.
According to commentators, on November 8, 2010, the cryptocurrency passed a key milestone,. As it was the first time that Bitcoin’s market capitalization exceeded $1 million for the first time in history.
Crypto Twitter appears to be ecstatic over the new all-time high, with many observers reading. The price increase as a vindication of the stock-to-flow (S2F) model new ATH developed. By the pseudonymous analyst PlanB, which has gained significant popularity. Due to its eerie accuracy in predicting monthly closing prices for bitcoin (BTC).
The model calculates the value of an asset by dividing the outstanding reserves of a given asset. By the asset’s rate of yearly production in order to calculate its value. Originally published in March 2019, PlanB’s S2F model was intended to quantify, measure, and predict the scarcity of Bitcoin. And it has proven to be successful. When they made their prediction, they expected that Bitcoin’s market capitalization. Will surpass $1 trillion following the May 2020 halving.
PlanB correctly projected that Bitcoin would conclude August near $47,000
According to Plans B and C, which were developed using S2F. The price of Bitcoin will finish August at $47,000 and end September. Near $43,000, while only slightly overestimating the price of Bitcoin. Will close October by 3 percent.
According to the S2F forecast, Bitcoin will close November above $98,000 and will have reached $135,000. By the end of the year, with many gamblers basing estimates that Bitcoin. Will trade in the six-figure price range before 2022 on PlanB’s view of the markets, according to the forecast.
The stock to flow across asset classes (S2FX) model, which was introduced in April 2020. And aims to predict how the Bitcoin (BTC) markets would respond to changes. In S2F dynamics based on how gold and silver have behaved in the past. It was also introduced that month.
In accordance with the S2FX model, PlanB has forecast that Bitcoin will trade for $288,000 next year. However, the analyst cautions that new ATH in order for the prediction to come true. The markets will need to witness “some huge fireworks in 2022.”
The results of a recent PlanB Twitter poll showed that out of 242,000 respondents, 39.8 percent. Believe that Bitcoin will have topped out above $100,000 by Christmas. 31.4 percent believe that Bitcoin will be trading for $288,000 by Christmas. And 23.8 percent believe that the markets will fail to break above six figures before December 25, the poll revealed.