Bitcoin investors are happy to say goodbye to September after almost a month of poor price performance. The month of October kicked off with a big bang that made Bitcoin and other cryptocurrencies soar to new heights.
Bitcoin hit $48,436 on the first day of October, up over 10%. October promises to be a positive month for investors around the world. Popular cryptocurrency analyst PlanB thinks so too. Details are here.
PlanB’s October Bitcoin Forecast
Bitcoin’s price closed lower in September than it did in August. PlanB predicted this situation months in advance and predicted the exact closing price.
To be clear: “worst case”/floor model is NOT, I repeat NOT based on stock to flow (S2F), it is based on price and on-chain data (like I wrote in the June 20 tweet below). So, great that Aug closed >47k and Sep is now around 43k, but it says NOTHING about S2F. S2F says ~100k now. https://t.co/tj6SSwSzKR
— PlanB (@100trillionUSD) September 28, 2021
Going back a bit, PlanB shared its “worst-case scenarios” for this year in June and warned of a “weakness” that could happen in July. We saw BTC drop as low as $29,000 in late July.
Besides, the popular analyst behind the stock-to-flow model predicted that the price of BTC would close just above $47,000 in August. The price line for September was slightly lower – around $43,000, which is what happened.
The analyst made an update yesterday, noting the closing price in September, noting that the stock-to-flow model works “like clockwork.”
#Bitcoin Sept closing price $43,834 .. like clockwork pic.twitter.com/nCZNaJJ2Fy
— PlanB (@100trillionUSD) October 1, 2021
The analyst’s closing forecast for October is at $63,000. It sees BTC at $98,000 for November, while the price estimate for December is $135,000.
As a result September wasn’t the best month for Bitcoin, but October could offer an excellent opportunity for investors to recoup their losses.
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.