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Bitcoin price needs to surge 67% in less than a week to prove prediction $98,000 by the end of November

Cryptocurrency analyst PlanB took to Twitter to say that a $98,000 Bitcoin price forecast by the end of November will probably be a first miss (after nailing Aug, Sep, Oct).

PlanB addresses failed $98,000 Bitcoin Price prediction

It seems that his failed price prediction has recently been the subject of ridicule on social media. After his proprietary floor model showed near-perfect performance in August, September, and October, it’s on track for a massive drop in price this November.

“Floor model $98K Nov close will probably be a first miss (after nailing Aug, Sep, Oct). S2F model not affected and indeed on track towards $100K”, PlanB tweeted.

bitcoin-price-needs-to-surge-67-in-less-than-a-week-to-prove-prediction-98000-by-the-end-of-november

Source: PlanB/Twitter

The “worst-case” scenario for Bitcoin would be $98,000 by the end of November, which means that the largest cryptocurrency would need to surge 67% in less than a week for this forecast to come to fruition. But S2F model is not affected and is indeed on track towards $100,000.

“It’s price, but it’s a mathematical thing. It’s capturing a classical error, a mathematical error. It’s not Bitcoin-related at all…It’s just another way of looking at the same price data that everybody is looking at”, PlanB explained that the latter is based on technical analysis on a podcast with Preston Pysh.

Even though the floor model now appears to be broken, PlanB insists that it does not affect the controversial S2F model that made him stand out in the first place. PlanB insists that his stock-to-flow model is still intact.

According to the analyst, Bitcoin is still on track to hit the $100,000 mark even though Bitcoin is lower than expected. The S2F model, which aims to predict the value of Bitcoin by taking into account the rate at which stocks are produced, is often criticized for focusing only on scarcity, thus taking demand out of the equation.

While $98,000 seems to be out of reach, the bulls continue to battle to paint the November monthly candle in the green.

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