Bitcoin’s new all-time high renews confidence in PlanB’s prediction of a price of $ 98,000 for December

Bitcoin (BTC) hit a new all-time high, and the last time the asset changed hands was around $ 67,000.

In the last hour of November 8th UTC time, BTC broke new ground, with the bulls firmly taking control of the markets after price action retested its previous October 20 high of around $ 67,000.

BTC / USD chart. Source: TradingView

The milestone comes on a historic date for Bitcoin, according to analysts they point it out Bitcoin’s market capitalization topped $ 1 million for the first time on November 8, 2010.

Bitcoin’s new all-time high renews confidence in PlanB’s prediction of a price of $ 98,000 for December
Bitcoin’s new all-time high renews confidence in PlanB’s prediction of a price of $ 98,000 for December

The cryptocurrency community on Twitter seems excited about the new all-time high. Many viewers seem to read the high price as a restoration of their confidence in the stock-to-flow (S2F) model of the pseudonymous analyst “PlanB”, which has grown in popularity due to its incredible accuracy in predicting BTC’s monthly closing prices.

The model measures the remaining reserves of a given asset divided by its annual production rate. PlanB first released its S2F model in March 2019 to quantify, measure, and predict the scarcity of bitcoins, and then estimated that the cryptocurrency would hit $ 1 trillion in market cap after halving in May 2020.

Using S2F, PlanB predicted with impressive accuracy that Bitcoin would close near $ 47,000 in August and near $ 43,000 in late September, while the October closing price was only overestimated by 3%.

Look into the future the S2F model suggests that Bitcoin will close above $ 98,000 in November and hit $ 135,000 by the end of the year. and many users are basing predictions that BTC will trade in the six-digit price range before 2022 on PlanB’s outlook for the markets.

PlanB also pioneered the stock-to-flow cross-asset (S2FX) model in April 2020, which is designed to predict how BTC markets might respond to changes in S2F dynamics based on the historical performance of gold and silver .

With the S2FX model, PlanB has speculated that Bitcoin could hit a price of $ 288,000 next year in this bull cycle. The analyst explains that in 2022 markets will have to see real fireworks for the forecast to come true.

A opinion poll A recent survey conducted by PlanB on Twitter found that 39.8% of 242,000 respondents believe Bitcoin will cross the $ 100,000 mark by Christmas, while 31.4% expect the cryptocurrency to trade at $ 288,000 and 23.8% expect the markets will not exceed six figures on December 25th.

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