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Bitcoin has had a rough month and finally hit a new low of $3,685.14 on December 4th. While the world reels from this news, investors are waiting to see if Bitcoin can bounce back in 2018 with some help from Trump’s trade war threats against China.
The “why is cryptocurrency valuable” is a question that has been asked by many people. Bitcoin has failed the worst-case scenario monthly close for the first time, and starts December sub-$57K.
Bitcoin (BTC) has yet to reach the November closing price required by one of its most well-known models, but its author isn’t giving up.
PlanB said on Twitter on December 1 that he would give his floor model another month to show itself.
Probationary BTC floor model
BTC/USD should have finished November around $98,000 in a “worst-case scenario,” but a number of variables cooperated to deliver a significantly lower monthly closure.
The pair fell short of its objective at about $57,000, marking the first time PlanB’s floor model has failed in Bitcoin’s history.
He wrote, “Floor model first miss (after nailing Aug,Sep,Oct).”
“No model is perfect, but this is the first miss in ten years!” Is there a difference between an outlier and a black swan? I’m going to give Floor model another month.”
$98K❌
The first miss was a floor model (after nailing Aug,Sep,Oct). No model is flawless, but this is the first miss in ten years! Is there a difference between an outlier and a black swan? I’m going to give Floor model another month.
The S2F model is unaffected, and it’s on course to reach $100K. Keep an eye out for trolls that mix up the Floor and S2F models! https://t.co/tj6SSwSzKR
— December 1, 2021 (@100trillionUSD)
Recently, the floor model successfully anticipated the monthly closing for August, September, and October, bolstering optimism that six digits would be reached in December.
PlanB emphasized that his other BTC price predicting models remain intact as more traders and experts recognize that the 2021 bull market may take longer than expected to reach its apex.
Popular stock-to-flow-based solutions, for example, need an average price of at least $100,000 between now and 2024. It is still expected that Bitcoin will reach a six-figure price before the end of the year.
Unlucky timing for the bull?
The end of November coincided with new negative pressure on Bitcoin.
Bitcoin correction so far in 2021 is the smallest, as chances of a Santa Claus rally grow
Fears about the coronavirus have been compounded by Federal Reserve Chair Jerome Powell’s admission that inflation would not be “transitory.”
According to the Crypto Fear & Greed Index, sentiment has shifted from “neutral” to “fear.”
Fear and Greed Index for Cryptocurrencies. Alternative.me is the source of this information.
PlanB’s floor model, on the other hand, has its work cut out for it if it wants to remain a reliable price indicator – it anticipates a BTC/USD price of $135,000 in only four weeks.
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