Bitcoin (BTC) hit a new all-time high, and the last time the asset changed hands it was around the $ 67,000 range.
During the last hour of November 8, UTC time, BTC moved into uncharted territory, with the bulls firmly taking control of the markets, after price action retested the previous October 20 high of roughly $ 67,000.
The milestone comes on a historic date for Bitcoin, as analysts they point out that Bitcoin’s market capitalization surpassed $ 1 million for the first time on November 8, 2010.
The cryptocurrency community on Twitter appears to be rejoicing at the new all-time high, with many viewers who seem to read the high price as the restoration of their faith in the Stock-to-Flow (S2F) model of the pseudonymous analyst “PlanB”, which has gained significant popularity due to its incredible accuracy in predicting BTC’s monthly closing prices.
The model measures the remaining reserves of a given asset divided by its annual production rate. PlanB first published its S2F model in March 2019 in an attempt to quantify, measure and predict the scarcity of bitcoins, then estimating that the cryptocurrency would reach a market capitalization of one trillion dollars after the halving of May 2020.
Using the S2F, PlanB predicted with impressive accuracy that Bitcoin would close August near $ 47,000 and end September near $ 43,000, while overestimating the October closing price by just 3%.
Looking to the future, the S2F model suggests that Bitcoin will close November above $ 98,000 and hit $ 135,000 by the end of the year, and many users base predictions that BTC will trade in the six-figure price range by 2022 on PlanB’s outlook for the markets.
PlanB also pioneered the Stock-to-Flow Cross-Asset (S2FX) model in April 2020, which seeks to predict how BTC markets may respond to changes in S2F dynamics based on how gold has historically performed. and silver.
Using the S2FX model, PlanB has speculated that this bull cycle could see Bitcoin reaching a price of $ 288,000 next year, with the analyst stating that markets will need to see “some real fireworks in 2022” for the projection to come true.
As you know S2F model predicts $ 100K average for this halving period (and based on floor model we reach $ 100K this yr). But S2FX model predicts $ 288K average this cycle (we need some real fireworks in 2022 for that). Let’s see where this 2nd leg of the bull market will take us pic.twitter.com/ttiNT5yMKe
– PlanB (@ 100trillionUSD) November 8, 2021
A poll A recent survey conducted by PlanB on Twitter revealed that out of 242,000 respondents, 39.8% believe that Bitcoin will break the $ 100,000 level by Christmas, while 31.4% expect the cryptocurrency to trade at $ 288,000, and 23.8% anticipate that the markets will trade. they will not exceed six figures on December 25.
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