Well-known analyst PlanB said Bitcoin (BTC) will probably not reach the November closing price he expected.
For the first time, he’s likely to fall far short of his expectations on Twitter on November 25, saying it’s difficult to reach his “worst scenario” of $ 98,000.
Bitcoin price forecast fails for the first time
Bitcoin is currently about $ 40,000 below Plan B’s expected price.
PlanB acknowledged that BTC / USD is somewhat unlikely to reach $ 98,000 over the next five days.
“The November closing price of $ 98,000, the floor model, will probably be the first failure (after success in August, September and October),” Twitter said.
Floor model $98K Nov close will probably be a first miss (after nailing Aug, Sep, Oct). S2F model not affected and indeed on track towards $100K. pic.twitter.com/QO3bRUoGo3
— PlanB (@100trillionUSD) November 25, 2021
PlanB said on November 11th when he appeared on a podcast hosted by Cipher Dane Amouth, author of The Bitcoin Standard and The Fiat Standard, his price forecast model, Stock to Flow. (S2F) ”model was explained.
“If we don’t reach $ 98,000 at the end of November, we’ll be the first in Bitcoin’s history to reach this indicator (S2F),” Plan B said.
The S2F model forecasts monthly closing prices of $ 47,000, $ 43,000 and $ 63,000 in August, September and October, respectively, and actually remained as expected.
200% annual profit
For the first time, the price of the S2F model was greatly disappointing, but it does not affect the entire S2F model.
The S2F model currently expects an average BTC / USD price of $ 100,000 within this half-life cycle, and there is still time to reach this level in the fourth quarter of 2021. ing.
Meanwhile, S2F’s sister model, Stock to Flow Cross Asset (S2FX), says Bitcoin prices will reach $ 288,000. However, it has been criticized for the last few weeks due to the poor performance of BTC.
PlanB told Amouth that the gap between spot prices and S2F model prices is not yet nullified.
This model uses standard deviation to keep track of progress, as it has been acceptable so far this month.
On the other hand, many other indicators are firmly bullish on the future, and the current price phase is considered to be a period of adjustment rather than a precursor to a deeper plunge.
BTC / USD started at $ 29,000 in 2021, up more than 210% compared to last year’s Thanksgiving day.
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