General News

Bitcoin price will exceed $ 130,000 in December, according to Plan B

The analyst Plan B estimates that the price of bitcoin (BTC) will rise to USD 98,000 during the month of November and will exceed USD 130,000 before the end of 2021. The researcher is based on the famous Stock To Flow (S2F) model. ) to predict the value that the cryptocurrency will have in the months to come, and on this he comments that “it will be a very beautiful Christmas this year.”

Plan B was as a guest, on Sunday October 24, on the podcast “Unchained”, where talked about the level of precision of his prediction model. “I had already said that the price of bitcoin would close above USD 40,000 in August and that in September it would go down a bit, but that it will close October above USD 63,000,” said the analyst.

In fact, since 2012 the price of bitcoin has complied with the parameters established in the Stock To Flow model, as can be seen in the following graph. Based on him, estimates that the cryptocurrency will cost $ 135,000 next December.

Plan B says that its prediction model has been fully met so far and that there is no reason to doubt that the price of BTC will continue to rise. Source: lookintobitcoin.

However, the strong corrections that the price of the cryptocurrency has registered have been enough for the followers of Plan B to lose confidence in its predictions, as happened last June. Now, the public has returned to believe in his estimates.

The S2F model is based on the theory that bitcoin is a store of value like gold or silver that maintain their long-term value due to their relative scarcity. So, under this principle, Plan B correlates the stock or amount of assets currently available, with the flow or amount of bitcoins mined annually, and based on that it projects where the price of the cryptocurrency can go.

Bitcoin ETFs: A Positive Impact

As reported by CryptoNews, the price of BTC set a new all-time high, surpassing $ 67,000 on Wednesday, October 20. In this regard, Plan B believes that the launch of bitcoin exchange-traded funds (ETFs) in the United States are positively influencing the price of cryptocurrency.

ETFs were something that we have all been waiting for for a long time and that is why they positively impact the market. It is true that it is the first step that the SEC takes with an instrument that it understands well as ETFs, although I understand that these investment tools are not as good as cash.

Plan B, bitcoin market analyst.

The researcher also mentions inflation as another factor that is influencing greatly on the price of bitcoin. It is because “the Federal Reserve of the United States printed a lot of money to give aid and now the prices of all products are rising, even that of bitcoin,” he added.

Based on all the elements that are being combined today so that the price of BTC rises, Plan B makes it difficult for a strong correction to take place, not in the short term. If anything, it is clear that the bitcoin market is not yet mature enough for its volatility to reduce.

“I think we are still in the grip of greed and fear, but I do know that the time will come, perhaps it will be for the next halving, or after 2024, in which bitcoin will become a global reserve currency,” he said.

About the author

Donna Miller

Donna is one of the oldest contributors of Gruntstuff and she has a unique perspective with regards to Science which makes her write news from the Science field. She aims to empower the readers with the delivery of apt factual analysis of various news pieces from Science. Donna has 3.5 years of experience in news-based content creation, and she is now an expert at it. She loves journalism, and that is the reason, she moved from a web content writer to a News writer, and she is loving it. She is a fun-loving woman who has very good connections with every team member. She makes the working environment cheerful which improves the team’s work productivity.

Add Comment

Click here to post a comment

Get in Touch!

To get in touch with gruntstuff or to tell us about a Story or Press Release, just send an email to gruntstuffnews @ gmail.com
. And, we will get back to you shortly.

Recent News