Bitcoin is expected to reach $98,000 this month, according to PlanB
After three months of hitting bitcoin’s monthly closing price, pseudonym analyst PlanB now expects the BTC to approach $100,000 by the end of November.
Bitcoin price could see a 60% increase in the next 30 days if the trader behind the popular stock-to-flow (S2F) model, PlanB, is right again.
He hit the nail on the BTC’s closing price for August and September, in October his shot deflected by just 3%.
Oct $61K new monthly close ATH!✅
Ok ok, 3% rounding error .. close enough for me
Next targets: Nov>$98K, Dec>$135K🚀 pic.twitter.com/7LSnQBYJ33
— PlanB (@100trillionUSD) November 1, 2021
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Published on June 20, PlanB’s original forecast contained the “worst case” possible bitcoin price based on on-chain and price analysis. At the time of publication, bitcoin was trading at $34,000, while Elon Musk’s FUD and China banning mining hurt the market.
As predicted, bitcoin closed at $47,000 in late August, before returning slightly to $43,000 in late September. Bitcoin followed the “worst case” path for the analyst.
Interestingly, at the end of October the BTC closed at $61,000, while the Plan B forecast was $63,000. As such, he admitted a 3% “rounding error” but added that it is “close enough for me”.