Bitcoin $135,000 In December? Crypto Analyst PlanB Gives An Update On Bull Market Projection
PlanB, the analyst known for first applying the stock-to-flow (S2F) model to Bitcoin, has maintained his stance that BTC is set to hit $135,000 before the end of the year.
The hugely popular analyst has garnered attention lately for sniping Bitcoin's "worst-case scenario" for monthly closing prices two months in a row in August and September. With October's close coming into view, a lot of traders might have their eye on $63,000, PlanB's floor price for BTC this month. Moving forward, the quant analyst is pegging $98,000 for BTC in November, and a bold prediction of $135,000 for December.
Speaking with Laura Shin on the Unchained podcast, PlanB reiterates his calls.
"Well, it's a bit of luck, of course, involved there, it has to be. One cannot be that precise, but at least all those targets were met. So $47,000, $43,000, and we're waiting for a close of the month now. But $63,000 is in the books so... If that continues, and frankly I would be very surprised if it doesn't, that would be a black swan event that we haven't seen in the last ten years, but if that continues, we'll go to $98,000 in November already. And then $135,000 in December, so that will be a really nice Christmas this year if that comes true. "
Some analysts believe that Bitcoin has entered a new era where it will no longer go through bubble-like market cycles triggered by the 4-year halvings. Instead, some Bitcoin veterans like Pantera Capital's Dan Morehead say we probably won't see huge, parabolic run-ups followed by devastating collapses anymore. These pronounced cycles, say, will turn into a more modest drift upward like the S&P 500.
On the other hand, PlanB believes this idea to be a little bit premature. He says as much as he'd like to see it, Bitcoin will probably have another mega crash at the end of the current bull charge. The analyst feels as if he's "one of the few that thinks we're in a normal cycle," adding that he still thinks the sheer difference in size between Bitcoin and traditional assets means it can't see the same stability.
“We're still in a phase where Bitcoin is very very small compared to the traditional assets. Institutional investors either flat out deny the asset, they don't want to have it, think it's for criminals, bad for the environment, and all the stuff you read in the mainstream media. They're still there so I don't think the world is ready yet for 'hyper Bitcoinization' or 'the supercycle'...”
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.