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

3 October 2021 | Updated: 3 October 2021

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.

BTCUSD – 4-Hour Chart

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

 

You can purchase crypto coins here: Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.