PlanB clarified and defined the models he uses to measure the trend of Bitcoin, but he did not convince many of his critics. They comment that the analyst adjusts his unfulfilled predictions about Bitcoin and suggest a price at USD 98,000 is unrealistic.
Many people follow the long-term predictions about the price of Bitcoin by renowned analysts like John Wick and PlanB on their social networks. For that reason, they defend their analysis with arguments, especially after receiving constant criticism and accusations. That recently happened with one of the latest forecasts about the pioneering cryptocurrency by PlanB.
The cryptocurrency analyst had to clarify and define to his followers the models or strategies he uses to measure the trend of Bitcoin. However, his responses did not convince many because the market was recently in the red.
Despite that situation, he is still optimistic and defends his predictions since he used three different models. They are the stock-to-flow (S2F) model, a floor model created by the analyst, and a chain model.
PlanB Holds that Bitcoin Will Hit USD 98,000
That debate started on Twitter when users strongly criticized the analyst after a post on June 20th. He predicted that the price of Bitcoin would reach USD 43,000 in August, USD 43,000 in September, USD 63,000 in October, USD 98,000 in November, and USD 135,000 in December 98K. The critics said that the method or models that PlanB used were not very accurate.
He clarifies in his latest post that, besides stock-to-flow, he uses two other models. Although the price of Bitcoin did not reach the exact figure in October, he notes he is sticking to his November analysis.
They Accuse Him of Making Downward Adjustments to His Unfulfilled Predictions
In addition, the critics also comment that PlanB makes downward adjustments to his unfulfilled Bitcoin predictions. They suggest that the price of Bitcoin reaching USD 98,000 is unrealistic after it fell by more than 20% a few days ago.
That means it would have to rise by at least 70% to reach the margin the analyst predicted. After the accusations, PlanB explains that the inaccuracy of the predictions of the November minimum model of USD 98,000 does not mean the S2F model fails. The latter fails if the average price of BTC during this halving cycle is not USD 100,000.
If the Price of BTC Resumes Its Trend, USD 76,700 Is the Target
The weekly chart indicates that the price of Bitcoin has already reached the bottom of the decline. The price suffered a correction towards the 38.20% Fibonacci, one of the optimal levels to start new momentum.
Even though the rejection of low prices is a good first indication, a bullish transition on the daily chart is necessary to confirm future new highs. If the bulls regain control effectively, the next target will be USD 76,600 (-27% Fibonacci). Above that level, the next target is USD 87,200 (-61.8%).
Bitcoin has had ups and downs in the last week, but analysts like PlanB still predict that its value will reach USD 100,000 this year. However, the current trend shows that it is a matter of time before it hits a new all-time high.
By Alexander Salazar
