Business

Bitcoin bulls have a lot to be thankful for despite BTC “probably” not hitting $ 98,000 in 5 days

Bitcoin (BTC) will “probably” miss its planned monthly close for November, admits analyst PlanB.

In a Twitter update on November 25, the creator of the “worst case” month-end price forecast prepared to accept defeat for the first time.

First “probable” failure for the Bitcoin lows model

Short of around $ 40,000, Bitcoin is currently well below what should have been its low monthly close for November.

Now, PlanB acknowledges that it is somewhat unlikely that the BTC / USD pair will reach $ 98,000 in the next five days.

“The November closing of the $ 98,000 lows model will likely be a first mistake (after nailing August, September and October),” he said as part of the Twitter comment.

In an appearance on a podcast hosted by Saifedean Ammous, author of The Bitcoin Standard and The Fiat StandardOn November 11, PlanB explained its previous reliance on the minimum model that lies in its mathematical nature.

“If we don’t hit $ 98,000 by the end of November, it would be the first time on this specific indicator in the entire history of Bitcoin.”, said.

The minimum model correctly predicted, almost verbatim (or number), monthly closing prices of $ 47,000, $ 43,000, and $ 63,000 for August, September, and October, respectively.

Thanks for the 200% annual profit

Despite breaking with tradition, the disappointment of the minimum pricing model will have no impact on PlanB’s seminal series of stock-to-flow models, he pointed out, after repeated confusion about the two being related in some way.

Stock-to-flow (S2F) currently calls for an average BTC / USD price of $ 100,000 in this halving cycle, with the fourth quarter of 2021 being a suitable time period for the level to appear for the first time.

His sister model, the stock-to-flow cross asset (S2FX), goes further with an average of $ 288,000, which, however, has also come under fire in recent weeks due to BTC underperforming.

Nevertheless, Speaking to Ammous, PlanB said the gap between the spot price and the price of the S2F model still does not threaten to invalidate it.

The model uses standard deviation bands to track progress, and so far this month the BTC / USD pair has remained within the acceptable range.

BTC / USD pair vs. stock-to-flow diagram with standard deviation bands. Source: S2F Multiple / Twitter

As Cointelegraph reported, meanwhile, a number of other indicators remain firmly bullish about the future, with the current pricing phase seen as more of a consolidation than a prelude to a deeper slide.

The BTC / USD pair started 2021 at $ 29,000, while compared to last Thanksgiving, hodlers are up more than 210%.

Keep reading:

Source link

HELEN HERNANDEZ

Helen Hernandez is our best writer. Helen writes about social news and celebrity gossip. She loves watching movies since childhood. Email: Helen@oicanadian.com Phone : +1 281-333-2229

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker