Bitcoin to Hit $63,000 in October: PlanB (S2F Model Creator)

As Bitcoin (BTC) comes out of its previous bearish bias as famous cryptocurrency analyst PlanB claims victory for correctly predicting the BTC closing price for September.

Additionally, the analyst has predicted some positive numbers for Bitcoin in October, November, and December.

The benchmark cryptocurrency has had an erratic trading journey since it peaked near $65,000 in April. In the ensuing months, BTC lost over 50% of its value and bottomed below $30,000 on several occasions. However, since its last bottoming at $29,000 in July, the primary cryptocurrency has remained relatively well above the $40,000 mark.

Interestingly, PlanB—using his stock-to-flow model—accurately predicted these developments. In June, the analyst posted a graph on Twitter using on-chain metrics to predict the weakness in July. He also predicted a $43,000 closing price for BTC, which came to pass.

Meanwhile, PlanB predicts that October, November, and December will close at $63,000, $98,000, and $135,000, respectively. According to a recent tweet, PlanB (@100trillionUSD) noted that:

“To be clear: ‘worst-case’/floor model is NOT, I repeat NOT based on stock to flow (S2F), it is based on price and on-chain data (like I wrote in the June 20 tweet below). So, great that Aug closed >47k, and Sep is now around 43k, but it says NOTHING about S2F. S2F says ~100k now.”

Key Bitcoin Levels to Watch — October 3

Following its sharp bullish rally from the $43,000 area on Friday, Bitcoin appears to have fallen into consolidation around the $48,000 mark amid a bullish slowdown. We expect this consolidation to persist for a little while, after which we should see a surge towards the highly-coveted $50,000 psychological level.

That said, any correction from the current price should get repelled by the $47,000 – $46,000 area.

Meanwhile, our resistance levels are at $48,500, $49,000, and $49,500, and our key support levels are at $73,000, $46,000, and $45,000.

Total Market Capitalization: $2.13 trillion

Bitcoin Market Capitalization: $904 billion

Bitcoin Dominance: 42.3%

Market Rank: #1

 

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