Despite the current slip up in the crypto marketplace, PlanB is still adamant that the price of Bitcoin (BTC) will hit $98K by the end of November. According to the digital analyst, who weathered criticism over his BTC price-prediction method, “I have not given up on November yet.” However, the price of the prominent token will have to rise by over 70% between now and the projected deadline to meet up with PlanB’s target. According to critics, this is very unlikely to occur.
PlanB is the pseudonym for a Dutch investor and crypto market watcher who first rose to prominence for creating the stock-to-flow price prediction model. The S2F model draws its conclusions from the ratio of the current supply of an asset to its annual production. Here current supply could mean ‘stock’ while annual production is the ‘flow,’
According to PlanB, The S2F model is applicable to any asset with a limited supply. The analyst also added that he deployed it extensively in predicting BTC back in 2019.
However, PlanB also pointed out that his $98K-price prediction for BTC was not derived from using the S2F model. Rather, he used his “floor model” which takes into account price and on-chain data.
Nonetheless, critics believe that a 98K prediction for Bitcoin might be far-fetched, especially because it means that Bitcoin has to jump by more than 70% before the end of this month.
Image Credits: Pixabay
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