PlanB Believes Bitcoin Will Reach $135K

Famous crypto analyst PlanB believes that Bitcoin will reach $135K before the end of 2021.

According to Stock Flow Model creator PlanB, a price prediction model that predicts it will hit the 6-digit mark before 2022 begins is still in place. The Dutch analyst, who goes by the nickname PlanB, first published this prediction in June, when the price of BTC was below $ 34 thousand. BTC's price has since remained within its monthly targets with minor percentage deviations. The price of the cryptocurrency hit $47,000 at the end of August before dropping to $43,000 at the end of September. Both prices were estimated by PlanB. The price Bitcoin closed the month of October was $61,318, just below the $63K the model predicted. But after BTC hit an all-time high of $68k last week, hope rose for the November target of $98k. While Bitcoin's recent rise means the value of the coin has risen more than 300 percent since this time last year, it still needs to rise another 50 percent to meet PlanB's November forecast. In line with Bitcoin's price in 2021, PlanB became even more popular. After the Stock-to-Flow (S2F) model proved "extraordinarily accurate", the cryptocurrency analyst has reached over 1 million followers on Twitter. The S2F model divides Bitcoin supply (stock) by production (flow) to predict market movements over the long term. The scarcity that is an integral part of cryptocurrency (only 21 million coins may exist) combined with its dwindling supply means that in theory its value will increase over time. PlanB's latest successful prediction comes from a "worst-case scenario" that predicts a trajectory for Bitcoin's value to reach $135,000 in the range.     This article is contributed by The Independent.