Bitcoin is hitting new all-time highs, with the asset last changing hands around $67,000 as of this writing.
In the last hour of UTC on November 8, Bitcoin reached unprecedented prices, with bulls firmly in control of the market as price action retested the previous high of around $67,000 set on October 20.
BTC/USD: TradingView
The milestone comes on a historic day for Bitcoin, with analysts noting that the market capitalization of the currency topped $1 million for the first time on Nov. 8, 2010.
Crypto Twitter appeared to be cheering the all-time high, with many onlookers seemingly interpreting the price high as renewed confidence in the S2F model created by the anonymous analyst "PlanB" due to its role in predicting BTC's monthly close It is popular for its amazing accuracy in pricing.
The model measures the unspent reserves of a particular asset divided by its annual production rate. PlanB first released the S2F model in March 2019, which aims to quantify, measure and predict the scarcity of Bitcoin, and then estimate that the market value of Bitcoin will reach $1 trillion after the halving in May 2020.
Using S2F, PlanB predicts with astonishing accuracy that Bitcoin will close near $47,000 in August and close to $43,000 by the end of September, while overestimating the October close by only 3%.
Looking ahead, S2F shows that Bitcoin will close at more than $98,000 in November and reach $135,000 by the end of the year. Trading within a single-digit price range.
PlanB also debuted the S2FX model in April 2020, which aims to predict how the BTC market might respond to S2F dynamics based on the historical performance of gold and silver.
Using the S2FX model, PlanB speculates that in this bull cycle, Bitcoin could trade at $288,000 next year. The analyst said the market would need to "see some really strong performances in 2022" for the forecast to materialize.
As you know, the S2F model predicts an average price of $100,000 this halving. But the S2FX model predicts an average price of $288,000 for this cycle (we'll need some really good performances in 2022 to make that happen). Let's see where Phase 2 of this bull market takes us
— PlanB (@100trillionUSD) November 8, 2021
A recent PlanB poll on Twitter found that 39.8 percent of the 242,000 respondents believed Bitcoin would break $100,000 by Christmas, and 31.4 percent expected it to trade at $100,000. 288,000, while 23.8% do not expect Bitcoin to break six figures before December 25.
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