failing in the “worst-case scenario” in the model that PlanB states Bitcoin (BTC)started December at just under $57,000.
Bitcoin (BTC), which failed in one of PlanB’s top models, did not destroy the analyst’s hopes, and the analyst stated that he is still hopeful of this model. Posting earlier today PlanBHe stated that he will give the ‘floor model’ another month to prove itself.
According to the analyst’s model, BTC/USD should have completed November at the ‘worst case scenario’ at $98,000, but due to a combination of different factors, it ended November at a much lower level.
The pair stayed close to $57,000 and definitely missed its target, marking the first failure of PlanB’s floor model in Bitcoin history.
“No model is perfect, but that’s a huge understatement and it’s the first time in 10 years it’s failing! Could this be a black swan (outlier)? I will give the floor model another month.”
Analysts, who have been following the floor pattern for a while, expected Bitcoin to reach a six-digit value in December. The model in question correctly predicted the closing price of August, September and October.
In addition to this model, many analysts and traders recently stated that this model is no longer valid and the expected bull cycle may last longer, but PlanB opposed these views and insisted that the model worked.
Among them are “popular stock-to-flow” vehicles, which expect an average price of at least $100,000 between now and 2024. The expectation was that Bitcoin would hit a six-figure price tag before the end of this year.
Could It Be an Unfortunate Bull Time?
The close of November coincided with new downward pressure on Bitcoin. Panic over the coronavirus compounded by Federal Reserve Chairman Jerome Powell’s acknowledgment that inflation will not be “temporary” in nature.
Emotion towards Bitcoin has likewise taken a hit, and sentiment that was “neutral” according to the Crypto Fear & Greed Index has fallen to “fear”.
Meanwhile, PlanB’s base model has cut off its work to remain a viable price guide – predicting a price of $135,000 BTC/USD in just four weeks.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.