Will Bitcoin Break Six Figures Before Christmas? The PlanB stock model suggests that $100,000 BTC could be imminent.
Bitcoin (BTC) hit new all-time highs, with the asset last changing hands in the mid-$67,000s range.
During the last hour of Monday UTC, BTC reached unprecedented prices and the bulls took firm control of the markets as price action retested the previous October 20 high of around $67,000.
Bitcoin/US Dollar. Source: Trade View
This milestone comes at a historic date for Bitcoin, with analysts noting that Bitcoin’s market cap surpassed $1 million for the first time on November 8, 2010.
Crypto Twitter seems to be excited about the new all-time high, and many viewers seem to think the price high will restore their confidence in PlanB’s pseudonymous Stock-to-Flow (S2F) model, which has gained significant popularity. due to its terrible accuracy in predicting monthly closing prices for BTC.
The model measures the outstanding reserves of a given asset divided by its annual production. PlanB first released its S2F model in March 2019 to quantify, measure and predict bitcoin scarcity and then estimated that bitcoin would reach a $1 trillion market cap after the May 2020 halving.
Using S2F, PlanB predicted with amazing accuracy that Bitcoin would close August at around $47,000 and end September at around $43,000, while overestimating the October close by just 3%.
Looking ahead, S2F expects Bitcoin to close above $98,000 in November and reach $135,000 by the end of the year, with many players predicting Bitcoin to trade in a six-digit price range through 2022 based on PlanB’s market forecasts becomes.
Related: Bitcoin hodlers ‘only halfway’ to sell BTC after new $500,000 price prediction
In April 2020, PlanB also pioneered the Cross-Asset (S2FX) model, which aims to predict how BTC markets might react to changes in S2F dynamics based on how gold and silver have behaved historically .
Using an S2FX model, PlanB speculated that this bull cycle could see Bitcoin trading at $288,000 next year, with the analyst stating that markets would need “real fireworks in 2022” for the prediction to come true.
A recent PlanB Twitter poll found that 39.8% of 242,000 respondents believe Bitcoin will surpass $100,000 by Christmas, while 31.4% expect BTC to trade at $288,000 and 23, 8% expect markets to remain below six figures. until 25.12.