Pseudonymous The estimate was first issued by Dutch analyst PlanB in June when the price of Bitcoin was below $34,000, and it has stayed within a few percent of each monthly target since then.
Bitcoin Price Prediction 2021
PlanB predicted that the cryptocurrency would reach $47,000 by the end of August and then drop to $43,000 by the end of September.
Bitcoin’s closing price of $61,318 in October was slightly below the model’s prediction of $63,000, but when BTC set a new all-time high above $68,000 last week, there is renewed hope for the November objective of $98,000.
Bitcoin’s recent price gain has increased its value by more than 300 percent since this time last year, but it still has to increase by another 50% to meet PlanB’s November prediction.
Bitcoin price (USD) Nov 2020-Nov 2021
PlanB’s popularity has surged in lockstep with the price of bitcoin in 2021, collecting over a million Twitter followers after his Stock-to-Flow (S2F) model proven “amazingly accurate.”
To forecast bitcoin’s long-term market movements, the S2F model divides its supply (stock) by its output (flow). Because of the cryptocurrency’s inherent scarcity – only 21 million coins will ever exist – and falling supply, its value should theoretically rise over time.
His most recent prediction success comes from his “worst-case scenario” for bitcoin, which forecasts a price of $135,000 by December.
PlanB’s S2F model’s simplicity makes it vulnerable to “black swan events,” such as a large economy imposing a bitcoin prohibition or huge geopolitical news affecting traditional financial markets.
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