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New ATH renews faith in PlanB’s prediction of $98K BTC by December

The price of Bitcoin had surpassed the $10,000.00 mark for the first time on December 11th 2017 thanks to a bullish market sentiment and traders’ hope that more exchange-related delays would give them an edge in buying back BTC at higher prices.

PlanB’s prediction of $98K BTC by December was one that would have been considered “crazy talk” not too long ago. After a bull run in 2018, we thought the world had learned its lesson about taking anything ICO-related with a grain of salt. But despite bear market griefing and disbelief at how prices could keep going up after such an unexpected fall, it seems our most accurate prognostication yet has finally come true – so is there any use for us old timers anymore?

The “bitcoin price” has been a topic of interest for the past few months. The price has been steadily rising, and many people are beginning to believe that bitcoin will reach $98K by December.

Bitcoin (BTC) has reached new all-time highs, with the currency recently trading in the mid-$67,000 level.

BTC moved into unknown territory during the last hour of UTC time on Nov. 8, with bulls fully in charge of the markets as price movement retested the previous high of nearly $67,000 set on Oct. 20.

TradingView: BTC/USD

The achievement comes on a historic day for Bitcoin, with observers noting that on Nov. 8, 2010, Bitcoin’s market value surpassed $1 million for the first time.

Crypto Many watchers tend to interpret the new all-time high as renewing their trust in the Stock-to-Flow (S2F) model from the pseudonymous analyst “PlanB” — which has garnered a lot of traction owing to its spooky precision in projecting monthly closing prices for BTC.

The model calculates a particular asset’s outstanding reserves split by its yearly production rate. PlanB originally released their S2F model in March 2019 in an attempt to quantify, measure, and forecast the scarcity of Bitcoins, anticipating that after the May 2020 halving, Bitcoin will achieve a market valuation of $1 trillion.

PlanB forecasted with astonishing precision that Bitcoin will conclude August at $47,000 and end September near $43,000, while just 3% overestimating October’s closing price.

With many bettors predicting that Bitcoin would trade in the six-figure price range before 2022 based on PlanB’s market view, S2F predicts that Bitcoin will conclude November over $98,000 and hit $135,000 by the end of the year.

Bitcoin investors are only ‘halfway’ to selling following a fresh $500K price forecast

In April 2020, PlanB introduced the Stock-to-Flow Cross-Asset (S2FX) model, which aims to forecast how the BTC markets will react to changes in S2F dynamics based on how gold and silver have performed historically.

PlanB has predicted that Bitcoin would trade for $288,000 next year, based on the S2FX model, with the analyst noting that the markets will need to witness “some major pyrotechnics in 2022” for the prediction to come true.

As you may know, the S2F model anticipates a $100K average for this halving time (and we will hit $100K this year based on the floor model). However, the S2FX model expects an average of $288K this cycle (we need some real fireworks in 2022 for that). Let’s see where this bull market’s second leg will lead us.

— November 8, 2021, PlanB (@100trillionUSD)

According to a recent PlanB Twitter survey, 39.8% of 242,000 respondents predict Bitcoin will max out over $100,000 by Christmas, 31.4 percent believe BTC will trade for $288,000, and 23.8 percent believe the markets will fail to break above six figures by December 25.

The “bitcoin price prediction 2021” is a new ATH that has renewed faith in PlanB’s prediction of $98K BTC by December. The price of Bitcoin has increased by over 140% since the beginning of the year.

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