Plan B sticks to US$135k Bitcoin year-end price prediction after October ’rounding error’
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The original cryptocurrency is still hewing closely to one of its most famous price predictions — raising hopes in hodlers’ hearts that they’re all gonna make it.
At 11am Sydney time (midnight UTC), Bitcoin closed out the month of October at US$61,300, up 29 per cent from the end of September.
The pseudonymous “Plan B” made a bold prediction in June, when BTC was changing hands for US$35,000, having crashed from $64,000.
The Dutch former institutional investor with decades of experience in financial markets said that his “worst-case scenario” for Bitcoin was “Aug>47K, Sep>43K, Oct>63K, Nov>98K, Dec>135K.”
He was right about August and September – and Plan B tweeted that this morning his three per cent “rounding error” for October was “close enough for me”.
133 days ago:
-Price was 35k
-negative headlines predicted prices of ≈20k
-Extreme Fear [email protected]
-everyone was crying about S2F being broke
You predicted #bitcoin ATH on Oct (63k close enough) which is up 74% since June 20th
— ADS78 (@ADAlSabah) November 1, 2021
Plan B uses a “stock to flow” model to predict Bitcoin price. His thesis is that that the diminishing supply (or stock) of Bitcoin from the “halving” events every four years causes boom-and-bust cycles for the original cryptocurrency.
Imagine selling BTC now🤣 pic.twitter.com/skDZZgT1z4
— PlanB (@100trillionUSD) October 29, 2021
Smaller altcoins are popping this morning while blue-chip cryptos have taken a breather over the past 24 hours.
Solana has been the only token in the top 20 to move more than three per cent, rising 5.6 per cent to US$206.
SOL was very close to flipping Carano as the No. 5 crypto.
Meanwhile, Dogecoin had reclaimed the No. 9 spot from Shiba Inu, currently No. 10.
Bitcoin and Ethereum were both down around 1.5 per cent, to US$61,392 and US$4,302, respectively.
But No. 69 crypto Holochain (HOT) has soared 37.1 per cent, No. 89 Qtum is up 13 per cent, and No. 77 Spell has risen 12.7 per cent. Outside of the top 100, Zenon, Vulcan Forged, Alchemy Pay, Storj and DigitalBits had all soared by between 59 and 25 per cent.
— ₿ (@bryan_becma) October 31, 2021
Aussie-founded gaming token Illuvium was trading for over US$1,000 after hitting an all-time high of $1,040 yesterday.
Overall the crypto market was down 0.17 per cent to US$2.64 trillion.