PlanB’s Predictions: A Disappointing November
Bitcoin (BTC) wrapped up November with a thud, failing to meet the much-anticipated closing price of $98,000 as per PlanB’s famed floor model. In a moment of reflection on December 1, PlanB took to Twitter to share the not-so-rosy news: the floor model had flopped! For the first time in ten years, predictions went awry. “No model is perfect, but this is a big miss!” he lamented.
What Went Wrong?
With the BTC/USD pair closing around a mere $57,000, traders and enthusiasts were understandably disheartened. So, what hampered this meteoric rise? Several pesky factors came into play:
- Panic from the pandemic, oh joy.
- Federal Reserve Chair Jerome Powell’s commitment to a reality check regarding inflation, which he claimed would stick around.
- Sentiment swings edited from ‘neutral’ to ‘oh no, fear’ on the Crypto Fear & Greed Index.
Overall, folks were feeling less ‘jubilant bull market’ and more ‘grumpy bear market’.
Keeping the Faith in Other Models
While November’s floor model was on the elusive side, PlanB reassured his followers that other strategies remain intact. His stock-to-flow models still signal a strong road ahead, forecasting an average BTC price of at least $100,000 leading into 2024. So, worry not, dear crypto aficionados! Just because one model misfired doesn’t mean the whole ship is sinking.
The Pressure is On
Despite the floor model’s recent fail, it still has one last shot at redemption. In the next four weeks, it must rally spectacularly, predicting a price of up to $135,000. No pressure, right? Here’s hoping the cryptocurrency gods smile upon us once more!
The Future of Bitcoin: To Infinity and Beyond?
As November closes the curtain on one chapter, the Bitcoin saga continues. Traders are cautiously optimistic, with hopes cropping up that the ride isn’t over yet. But with a global pandemic, changing economic signals, and crypto-philosophers lurking at every turn, who knows what lies ahead?
Just remember: If BTC hits that six-figure mark before 2021 waves goodbye, it’ll be party time in the crypto community. If not, well, we’ll just get cozy in our pajamas and try again next year. Cheers!
