A bitcoin price prediction made more than three months ago has proven to,, so far, only being off by less than 1% on its intended targets, prompting followers to claim it’s “amazingly accurate.” It sees BTC hit $135,000 by year-end.
As the Independent reports, the price prediction was made by pseudonymous cryptocurrency analyst PlanB, who in June predicted the price of the flagship cryptocurrency would end the month of September at $43,000, after ending August at $47,000.
PlanB’s prediction proved to be incredibly accurate, being less than 1% off of its targets in both months. September, for example, closed with bitcoin trading at $43,150. PlanB’s bitcoin price predictions are based on on-chain metrics and his stock-to-flow model.
The Stock-to-flow (S2F) model is a ratio between the amount of bitcoin in circulation (stock) with its production (flow) to measure its abundance and predict its future price. Bitcoin’s stock is limited to 21 million, and its flow halves every four years in events known as halvenings.
PlanB’s prediction sees the cryptocurrency move to $63,000 this month to get close to its previous all-time high of $64,000 seen in April. By November, the cryptocurrency would trade at $98,000, and only in December does his prediction see it break six figures to move to $135,000.
As CryptoGlobe reported Bobby Lee, a cryptocurrency industry veteran who co-founded the BTCC exchange and is the brother of Litecoin creator Charlie Lee, has revealed during an interview he expects bitcoin to see a rally driven by fear of missing out (FOMO) by the end of the year that will take its price above the $100,000 mark.
Similarly, Meltem Demirors, the Chief Strategy Officer at digital asset investment firm CoinShares, predicted the cryptocurrency should end the year hitting $100,000. Speaking to the Independent, PlanB noted that his forecasts “can be destroyed by a black swan event, like a bitcoin ban, Covid escalation, war with China, etc.”
The analyst added that potential triggers for the next leg up in the bull run could be an exchange-traded fund (ETF) being approved, El Salvador’s “success spreading” or favorable legislation being passed. PlanB also sees a point where there will be “a complete lack of sellers” in the next few months.
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