If you have been in the crypto space for a while, you must have heard about the S2F and floor price model. These models were made by Plan B, who gave a $98k price target for November. Even though the target seemed unlikely, we still had some belief because of his correct predictions from August to October monthly closes. But now November is over, and BTC is trading below $60k. As that happened, Plan B sets a $100k target for Bitcoin but without any timeframe. I think this is not going to happen in 2021 but let’s see if December surprises us.
Plan B’s BTC prediction
Yes, Plan B failed in this November prediction, but we all know that this market is just too volatile to predict. Atleast, he gave us 3 right calls from August to October, which was insane. Plan B says that the S2F model is still on track and not affected, and we are going to $100k. But this is something we all know that BTC will eventually get to. The main answer that investors seek from analysts is when this price movement is going to happen, which was not answered by Plan B in his latest tweet.
What should we note here?
The Bitcoin cycles are lengthening, and therefore, even though we most certainly know that $100k is going to happen, it’s unlikely to be in 2021. December might be a bullish month for BTC, and it could even reach a new ATH, but I am not overly bullish. Also, note that India and several other countries are working on regulations for the crypto space, and we will hear about them in December. That is yet another aspect we must look at because it could either create a very positive or very negative sentiment in the market. A good example of this was the recent price drop in the INR market as the media spread the crypto ban in India FUD.
What are your thoughts as Plan B sets a $100k target for Bitcoin but doesn’t give a time frame? Do you think this was because his November prediction failed, and he can’t afford another one like that? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.