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Breaking News: Binance Forms New Company In Greece, Moves Forward With MiCA Licensing

S2F Creator PlanB Believes In $98k Nov Target For Bitcoin

Keshav Verma
Keshav Verma
Last Updated: June 11, 2024 2:00 pm
3 mins read

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Bitcoin stock-to-flow (S2F) creator PlanB believes a $98k target for the cryptocurrency by November end is a realistic goal.

S2F Popularizer PlanB Sticks To $98k Target For November

Back in June, when Bitcoin was below $34k, analyst PlanB put out a list for his targets of the crypto in the subsequent months.

The tweet had these targets for BTC: Aug >47K, Sep >43K, Oct >63K, Nov >98K, and Dec >135K. So far, all these price goals have been decently accurate. But the real challenge will be the current month of November as the target for it is quite bold.

PlanB has used the stock-to-flow model for the predictions. S2F is based on the ratio between the current supply (stock) and the annual production (flow).

The S2F value shows how scarce Bitcoin is at a particular time. Based on this scarcity, the model uses a formula to predict the future price of the coin.

Here is the latest chart for this BTC price model:

Bitcoin S2F chart

Bitcoin price vs the line predicted by the S2F model | Source: buybitcoinworldwide

As the above chart shows, the model has been remarkably close to the real thing so far, although there were a few points of deviation.

Related Reading | S2F Model Creator Hypes Up $10K Daily Bitcoin Candles

Now, despite the apparent accuracy, some people in the community think the $98k BTC target for November set by PlanB is unrealistic, citing that the jump is quite large.

The analyst has responded by saying that while the jump is 60% from the level at the start of the month, BTC has achieved similar feats before. In the tweet, he lists examples of when it has happened in the history of the coin. Some of these jumps were May 2019 (62%), August 2017 (66%), May 2017 (66%), etc.

Related Reading | PlanB: S2F Model Predicts Bitcoin To Break $100k By Christmas

More people have raised concerns about the target in replies to the tweet, bringing up an important point that the market cap was significantly smaller during the previous times when BTC showed a similarly large monthly jump in the price.

Bitcoin Price

At the time of writing, BTC’s price floats around $65.5k, up 6% in the last seven days. Over the past thirty days, the crypto has amassed 18% in value.

The below chart shows the trend in the price of Bitcoin over the last five days.

Bitcoin Price Chart

BTC's price has surged up today | Source: BTCUSD on TradingView

After going through consolidation for a couple of weeks, Bitcoin has finally shown a solid move up as the coin retouched $66k today.

This month will be a decisive test for the validity of PlanB’s S2F model as some people have raised concerns about whether the $98k target is actually achievable.

Featured image from Unsplash.com, charts from TradingView.com, buybitcoinworldwide.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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