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HomeBitcoin NewsBitcoin is expected to reach $98,000 this month, according to PlanB

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%.

PlanB history with price forecasts

When providing the analyst’s upcoming price forecasts, it is also worth knowing their history from previous attempts.

Published on June 20, PlanB’s original forecast contained a “worst case” 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”.

However, according to the Brazilian profile Mises Capital, the price of bitcoin on the CME exchange futures market points to a hit “on the fly”: $63,010.

Seeing the BTC skyrocket to $100,000 by the end of the year seems to be the prevailing belief among many cryptocurrency enthusiasts and even longtime critics like The Wolf of Wall Street – Jordan Belfort. He joined Chainalysis CEO Adam Back and Anthony Scaramucci in forecasting such a price line in December 2021.

The stock-to-flow model, on the other hand, only sees bitcoin consolidating the $100,000 mark in June 2024. But bitcoin pricing has always departed from the model created by PlanB in 2019 in bull markets as well as falls below the S2F line in downturns.

Bitcoin price close to that expected by the stock-to-flow model.  Source: lookintobitcoin.
Bitcoin price close to that expected by the stock-to-flow model. Source: lookintobitcoin.

But what’s your take on the $100,000 mark, bitcoin will see the 6 digits later this year? Leave a comment with your prediction below.

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