Bitcoin (BTC) reached an all-time high as the asset shifted in the middle of the $67,000 chain.
In the last hour of Monday UTC, BTC faced unknown prices and bulls dominated the markets as price action retested the previous October 20 high at around $67,000.
Bitcoin / US dollar. Source: TradingView
The achievement comes in the historical history of bitcoin, as analysts noted that the market value of bitcoin exceeded one million dollars for the first time on November 8, 2010.
Crypto Twitter appears to be having a new all-time high, and many viewers see this high price as a renewed belief in the stock flow (S2F) model from analyst pseudonym PlanB, which has gained huge popularity due to its creep. . Predicting the monthly closing prices of Bitcoin.
The model measures the existing reserves of a given asset divided by its annual production. PlanB first published its S2F model in March 2019 in an effort to identify, quantify and forecast the bitcoin shortage, then calculated that the value of bitcoin would reach $1 trillion after its halving in May 2020.
Using S2F, PlanB predicted with astonishing accuracy that Bitcoin would close around $47,000 in August and close around $43,000 in September, while the October close inflated just 3%.
Looking ahead, S2F expects bitcoin to close at over $98,000 in November and reach $135,000 by the end of the year, with many forecasters basing their predictions that bitcoin will trade in a six-figure price range through 2022 on PlanB’s market forecast.
On the topic: Bitcoin Traders “Only Halfway” to Sell BTC After New Price Appreciation of $500,000.
PlanB also pioneered the April 2020 Cross Stock Flow (S2FX) model, which attempts to predict how BTC markets will respond to changes in S2F performance based on the historical performance of gold and silver.
Using the S2FX model, PlanB suggested that this bullish cycle could lead to bitcoin selling for $288,000 next year, as analysts say markets will need to see “real fireworks in 2022” for the forecast to materialize.
A recent Twitter poll by PlanB found that out of 242,000 participants, 39.8% believe Bitcoin will surpass $100,000 by Christmas, while 31.4% expect BTC to be worth $288,000 and 23.8% expect the market to fail to top the six-digit figure. … until December 25th.