According to the analyst, Bitcoin looks set to reach $100,000 as the BTC stock-to-flow model works “like clockwork.” Before cryptocoin.comAs we reported in , Bitcoin (BTC) is on its way to over $100,000 by the end of the year, according to prominent cryptocurrency expert Plan B.
Will Bitcoin reach 100k by the end of the year?
The Dutch crypto expert known for the Bitcoin stock-to-flow (S2F) model closely follows the trajectory of BTC with the model-based price set to exceed $100,000 by the end of 2021. On Tuesday, November 2, 2021, Plan B was on Twitter to confirm that the model he unveiled worked “like a clock.”
So far, the trader has forecasted the closing price for August and September to be just 3% below the all-time high closing price for the month of October ending at $61,000. Its targets/forecasts for the foreseeable future are as follows: It expects November to be around $98,000, and December to be around $135,000. In a recent interview on current market conditions, Plan B said:
You could say that the Stock-to-Flow Model will be killed when the dollar drops. You could also say that the Stock-to-Flow Model actually predicts the fall of the US dollar and gives a time frame for that as well, because the Stock-to-Flow Model uses the Bitcoin price in dollars.
BTC price ready to take flight
Given that the Bitcoin price is hovering at roughly $63,000 at the time of writing, a prominent analyst in the crypto space has described the situation as “the calm before the bullish storm.” Dan Held, director of growth marketing at cryptocurrency exchange Kraken, instructed his followers to “tie the moon boots”. This is consistent with the fact that November has traditionally been a good month for Bitcoin transactions, and the narrative developed by many major experts expecting a record-breaking finish to 2021. According to historical trends, Bitcoin price may reach parabolic levels by the end of this year; however, any so-called black swan event could derail investors’ expectations of hitting all-time highs.
Especially as investors accumulate Bitcoin, the price increase causes a “supply shock”. Also, a report by Kraken Intelligence found that long-term Bitcoin holders are reluctant to sell, adding to the recent price spikes in the cryptocurrency. While the current price increase is mostly supported by the trend, the latest on-chain data shows that the bull run is still in full swing. According to the research, recent price crashes “seem to be a market correction rather than a full-blown trend reversal.”
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