PlanB’s BTC forecasts for August and September were right and its October closing price shows bitcoin reaching $63,000.
Bitcoin price closed in September at a lower level than in August. While this may sound like a negative occurrence for BTC bulls, popular cryptocurrency analyst PlanB actually saw this happening months ago and predicted the exact closing price.
In addition, he provided even more favorable prices for the end of October, November and December.
Will Bitcoin close October near historic high?
The BTC has gone through a roller coaster in recent months after the peak, which hit $65,000 in mid-April. The subsequent backlash, caused initially by Elon Musk and later by the latest Chinese ban on the crypto industry, took the asset down. In the following months, bitcoin lost more than 50% of its value and dropped below $30,000 on several occasions.
The most recent example came in late July, when the BTC dropped to $29,000. Since then, however, the tides have shifted quite decisively.
PlanB, the popular crypto-asset analyst behind the stock-to-flow model, has seen these developments from the start. In June, he posted a graph showing that his “worst scenario” for this year, based on price and network metrics, predicted this “weakness” in July.
PlanB, the analyst who hit Bitcoin’s closing price in August and September, forecasts the BTC at $63,000 in October and peaks in December.
He later predicted that the BTC price would end in August at just over $47,000, which it actually did. The price line for September was slightly lower, around $43,000, which was also the case.
With its accuracy in mind, it’s worth noting that its October closing forecast is $63,000. If bitcoin hits that level, the asset would just be shy of its historic record ($65,000). For November, he sees BTC at $98,000, while for December, the price would be $135,000.
To be clear: “worst case”/floor model is NOT, I repeat NOT based on stock to flow (S2F), it is based on price and on-chain data (like I wrote in the June 20 tweet below). So, great that Aug closed >47k and Sep is now around 43k, but it says NOTHING about S2F. S2F says ~100k now. https://t.co/tj6SSwSzKR
— PlanB (@100trillionUSD) September 28, 2021
Nothing to do with S2F
PlanB is perhaps best known in the cryptocurrency community as the creator of the stock-to-flow model and its variations, which also sees BTC entering six-digit pricing territory later this year.
However, the analyst was keen to distinguish the difference between the S2F forecast and its worst-case scenario mentioned above.
However, Plan B updated that the closing price of $43,834 in September also works “like clockwork” for the stock-to-flow model.
# Bitcoin Sept closing price $43,834 .. like clockwork pic.twitter.com/nCZNaJJ2Fy
— PlanB (@100trillionUSD) October 1, 2021
While BTC is more than halfway off the coveted $100,000 mark, the number of analysts and prominent names predicting such an increase in the coming months continues to grow. The latest to come up with this number include Northstar and Badcharts co-founder, Chainalysis CEO , Adam Back, and Mike McGlone of Bloomberg.
Source: CryptoPotato
