Bitcoin (BTC) is still on track to hit over $100,000 by the end of the year, according to leading cryptocurrency trading expert Plan B.
The pseudonymous Dutch trading expert known for his Bitcoin stock-to-flow (S2F) model has been closely pathing out the trajectory for the flagship digital asset with the price based on the model set to hit over $100,000 by the end of 2021.
On Tuesday, November 2, 2021, Plan B took to Twitter to confirm that the model he has laid out is running “like clockwork.”
Picks for you
What is the stock-to-flow model
The prominent crypto analyst has three different types of models. However, the stock-to-flow model, which is his fundamental model, indicates that scarce assets, rare stores of value, are worth more than less scarce assets.
Thus far, the trader forecasted the closing price for August, September, and just 3% off the record all-time high closing for October, which finished at $61,000. The following are the aims for the foreseeable future: November is expected to be approximately $98,000, while December is expected to be around $135,000.
In a recent interview on current market conditions, Plan B stated:
“You could say the Stock-to-Flow Model will be killed when the dollar falls. You could also say that the Stock-to-Flow Model is actually predicting the fall of the U.S. dollar, and it gives a time frame as well, for that, because the Stock-to-Flow Model uses the Bitcoin price denominated in dollars.”
Bitcoin price holding steady
Given that the price of Bitcoin has remained stable at roughly $63,000, at the time of publication, one renowned figure in the crypto space has termed the situation as “the calm before the bullish storm.”
Director of growth marketing at the cryptocurrency exchange Kraken, Dan Held, instructed his followers “Strap on your moon boots.”
It is consistent with the narrative advanced by numerous major experts, who are anticipating a record-breaking finish to 2021, with November traditionally being a good month for Bitcoin trading.
According to historical trends, the price of Bitcoin might reach parabolic levels by the end of this year; but, any so-called black swan occurrence could derail investors’ expectations of reaching new all-time highs.
Bitcoin supply shock
Notably, as investors amass Bitcoin, the price increase is causing a “supply shock.” Furthermore, a report by Kraken Intelligence found that long-term Bitcoin holders have been reluctant to sell, which has contributed to the recent price rises in the cryptocurrency.
While the current price surge has been fueled mostly by the trend, recent on-chain data shows that the bull run is still in full motion. According to the research, recent price collapses “appear to have been a market retracement rather than a full-blown trend reversal.”
Presently, Bitcoin is trading at $63,152, up 1.52% in the last 24 hours and 0.14% in the previous week.
The overall market cap of BTC is above $1.19 trillion, with a current market dominance of precisely 44% of the total cryptocurrency market.
[coinbase]
