PlanB May Be Wrong, But Bitcoin Is Going To USD 100,000
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On Oct 31, many traders were watching the price of Bitcoin closely, just to see whether PlanB would be right for the third consecutive time on the monthly closing price of bitcoin. And Bitcoin closing below USD 61,000 proved his predictions not as accurate as his fans believed.
Accurately predicted the closing price of Bitcoin in August and September, PlanB predicted that the “worst-case scenario” for Bitcoin price at the end of October would be USD 63,000.
On November 1st, he tweeted that despite the 3% error, Bitcoin closed at a new high he still believed that the price of Bitcoin will reach USD 98,000 in November, and USD 135,000 in December. Michaël van de Poppe supports his predictions saying that “However, @100trillionUSD his hitrate on the stock-to-flow model is way better than your trading performance, so I wouldn’t really roast him at all. Bitcoin at USD 61K is just as fine and close enough.”
PlanB has good reasons to be confident. On one hand, the high inflation prospects across major countries have encouraged investors to hedge in Bitcoin. On the other hand, more companies and institutional joining the market has boosted the confidence of retail investors and on-lookers.
According to data on the Bitcoin treasuries, on October 25, the number of listed companies holding bitcoins in the world increased to 38, with a total of 202,477 bitcoins being held. Deloitte recently published several articles to encourage the investment in bitcoin. Coinbase also partners with 401(k) advisor ForUsAll to offer crypto investments for retirement accounts. There are more and more private equity funds investing in cryptocurrencies, including Proshares, VanEck, Valkyrie and Galaxy Digital. They offer a variety of options to investors and the easier access allows more retail investors to join the market. In spite of regulation concerns, Bitcoin is gradually becoming a global asset that promises transparency and lower fees.
Besides PlanB, TechDev envisions Bitcoin price hitting USD 100,000. His prediction is based on the idea that bitcoin will copy the 2017’s top sequence or that of 1970s gold taking the consideration of the RSI cycle.
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