PlanB: BTC 'Probably' Won't Hit $98,000 in November
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PlanB: BTC 'Probably' Won't Hit $98,000 in November

10 months ago

PlanB had previously described this price as "the worst-case scenario" for the world's biggest cryptocurrency.

PlanB: BTC 'Probably' Won't Hit $98,000 in November

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The creator of the stock-to-flow model has finally admitted that Bitcoin "probably" won't hit $98,000 by the end of November.

PlanB had previously described this price as "the worst-case scenario" for the world's biggest cryptocurrency.

Although his popular metric had been largely accurate in August, September and October, the model is way off the mark this month.

Nonetheless, PlanB says BTC is still on track to crack $100,000 — even if it takes a little more time than previously thought.

Thursday delivered some promising price activity for Bitcoin, despite Thanksgiving resulting in lower trading volumes.

Last night, bulls were battling to meaningfully take $59,000, with prices chopping regularly rising and falling within $400 of this milestone.
But prices later slumped as low as $57,500 on Friday morning.
A much bigger challenge — the psychologically significant level of $60,000 — lies ahead, and breaching this zone is crucial for the bull run to continue.

Describing the current situation, crypto trader and economist Michaël van de Poppe said he would like to see "some consolidation before acceleration" as part of a lengthening cycle, adding:

"Most likely we'll get another bull cycle with #Bitcoin running to high numbers above $250,000. After that standard 80% correction leading to a bottom on May 2021 top. Very likely."

Although an 80% correction may seem extremely severe, this would leave BTC at $50,000 assuming that a blow-off top of $250,000 was achieved.

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Challenges Ahead

One little-discussed hurdle that stands in Bitcoin's way concerns the fact that it becomes much harder for the cryptocurrency to secure triple-digit gains as the market cap continues to rise.

To make matters worse, BTC is currently suffering from a dire lack of interest among retail investors, with search volumes on Google currently far below the levels that were seen in 2017.

Nonetheless, there's little doubt that Bitcoin will have been a hot topic of discussion around dinner tables on Thanksgiving.

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