After the success of his predictions in the past months…Will PlanB’s model fail to predict the closing price of Bitcoin in November?
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Answer After the success of his predictions in the past months…Will PlanB’s model fail to predict the closing price of Bitcoin in November?
The PlanB model showed near-perfect performance in August, September and October 2021, but its forecast for November appears to be on a very far path from the current Bitcoin price.
PlanB’s Bitcoin model predicted that the “worst case” scenario for Bitcoin would be $98,000 by the end of November, meaning the largest cryptocurrency would need a 67% increase in less than a week for those predictions to come to fruition.
The $98,000 floor model for the November close will probably be the first to miss (after nailing in August, September, October). The S2F model is unaffected and is already on its way to around $100,000. pic.twitter.com/QO3bRUoGo3Read:New Study: Most Bitcoin and Ethereum Investors Hold Stable Coins and Use…
– PlanB (@100 trillion USD) November 25, 2021
The stock-to-flow model:
The analyst nicknamed “PlanB” on Twitter has three models that help him make predictions about the Bitcoin market.
It combines its offer-to-flow (S2F) model with fundamental analysis and floor model.
In a podcast with Preston Beach, PlanB explained that he relies on technical analysis as well, stating:
True it is a price, but it is a sporting thing.
The indicators catch a classic error, a mathematical error.
The models aren’t related to Bitcoin at all…it’s just another way of looking at the same price data that everyone else is looking at.
Despite the fact that the S2F model now appears to be broken, PlanB insists it does not affect its controversial predictions.
According to him, Bitcoin is still on track to reach $100,000 even though Bitcoin is well below the expected price.
The S2F model, which aims to predict the value of bitcoin by taking into account the rate of production of supply, is often criticized for focusing solely on scarcity, thus taking demand out of the equation.Read:Selling an Ethereum-based digital artwork for $168,000…details here
Crypto is on the menu on Thanksgiving Day:
While it looks like $98,000 is out of reach, the bulls continue to fight to paint the monthly candle for November green.
Earlier in the day, Bitcoin recovered to nearly $59,000, remaining fluctuating near and below it.
Many expect bitcoin to be part of the Thanksgiving conversation.
Barry Silbert, CEO of Digital Currency Group, urged his followers to exchange their favorite cryptocurrency for family members at the table.
It’s not Thanksgiving unless you use your family’s favorite cryptocurrency and bitcoin on the turkeyRead:SOL Coin Price Rise Over 300%… Find out why
Go get em!
– Barry Silbert November 24, 2021
Bitcoin had a turbulent Thanksgiving last year, crashing 13% in the space of a day.
But looking at the long-term, we find that it has risen from Thanksgiving 2020 to today by almost 320%, which is really worth thanking.
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