Bitcoin is again witnessing some serious bull runs this week. After a market-wide crypto crash in the last few months, Bitcoin and altcoins are back in action. 

Bitcoin <a href="https://www.cryptoknowmics.com/news/bitcoin-reaches-a-new-all-time-high-of-more-than-66k/">recently</a> hit a new ATH of $66,000. While Bitcoin's price has since declined slightly after establishing the new high, the achievement is noteworthy given that the cryptocurrency was hovering around $11,500 per coin just a year ago. Ever since this happened, predictions for the largest cryptocurrency are raining over. 

Among all the notable predictions from various crypto experts and chart analysts, PlanB has set the record high. PlanB is a well-known analyst, who believes Bitcoin will have a strong parabolic run in the next few months. The pseudonymous analyst stated S2F, which anticipates Bitcoin to continue its leg higher and reach $100,000 to $135,000 by the end of this year. And it looks like the market sentiment is working to make this happen.

[embed]https://twitter.com/100trillionUSD/status/1443727392657350656[/embed]

PlanB is the originator of the Bitcoin stock-to-flow (S2F) model that aims to forecast the price of the flagship cryptocurrency by comparing the amount of new supply entering the market each year to the existing supply.
<h2>BTC Price Can Be Up To At Least $288,000?</h2>
Due to "halving," an event that occurs every four years and decreases BTC's issuance rate by half against its 21 million supply cap, the price projection model claims that Bitcoin's worth will continue to rise until at least $288,000 per token. Notably, Bitcoin has been halved three times: in 2012, 2016, and 2020. 

Each occurrence reduced the cryptocurrency's fresh supply rate by 50%. Thus, resulting in significant price spikes in BTC. The first two halvings, for example, caused the price of Bitcoin to surge by over 10,000% and 2,960%, respectively. 

<img class="alignnone wp-image-219007 size-full" src="https://www.cryptoknowmics.com/news/wp-content/uploads/2021/10/Screenshot_21.png" alt="Crypto Chart" width="690" height="341" />

The price jumped from $8,787 to $66,990 after the third halving, a 667% rise. S2F has been fairly accurate in projecting Bitcoin's price trajectory, giving bulls more hope that Bitcoin's post-halving bounce will see its price reach the $100,000 barrier. 

PlanB predicted earlier this year that Bitcoin will reach $98,000 by November and $135,000 by December. Moreover, the only thing stopping it from reaching a six-digit value would be "a black swan event" that the market hasn't seen in a decade.
<h2>Is It Time for the Market to Follow PlanB’s Prediction?</h2>
As stated before that PlanB has predicted Bitcoin’s price before, and it was on point. Therefore, people have started to trust the platform for what is going to happen in the market. People from the crypto world, are looking forward to PlanB’s Digital money, which was formerly regarded as strange by many, which has suddenly skyrocketed in terms of both value and popularity. It has mostly become <a href="https://www.cryptoknowmics.com/news/bitcoin-tops-59000-as-paypal-enables-global-crypto-payments/">mainstream</a> - major financial institutions such as Paypal, Visa, and JP Morgan, among others, now offer cryptocurrency services, and more retail investors are interested in buying Bitcoin than ever before. 

Despite its volatility, bitcoin has seen a significant increase in value, particularly in the last year. This Bitcoin rise could be attributed to two factors: 

Better trustworthiness 

Trends around the world 

'Will it be hacked?' 'Is decentralization a truly workable solution?' 'Will halving break the system?' and so on were early concerns about Bitcoin. Now a decade later, many of these issues have been answered. Bitcoin works on reliable technology, and it does not break.

Bitcoin has moved closer to $100,000 than it has to $0. The recent changes in the world of Bitcoin are evidence that it is on its way to becoming a mainstream asset class. 

According to analysts, if the current trend continues, Bitcoin might reach $100,000 by the end of 2021. The forecasts are based on the stock-flow model, which has a 94% connection with the Bitcoin price. This approach is used to determine how scarce a commodity, such as gold, is.
<h2>Should Investors Look for Price Predictions?</h2>
Despite the high price projections, Bitcoin can still see big corrections in the future. PlanB thinks the next crash could wipe at least 80% off Bitcoin’s market capitalization, based on the same S2F model. The analyst told the Unchained podcast: 
<blockquote>“Everybody hopes for the supercycle or the ‘hyperbitcoinization’ to start right now and that we do not have a big crash after next all-time highs. As much as I would hope that were true, that we don’t see that crash anymore, I think we will. [...] I think we’ll be managed by greed right now and fear later on and see another minus 80% after we top out at a couple hundred thousand dollars.” </blockquote>
However, not everyone believes the next correction will be as severe as prior ones. The next Bitcoin price decline, according to Dan Morehead, CEO of Pantera Capital, will be less than 80%, noting a persistent drop in selling sentiment after each halving cycle. 

Following a 53% rise in October, Bitcoin crossed a new all-time high of about $66,000 last week. However, traders were forced to take profits as a result of the new highs, resulting in retests of the $60,000 support level.
<h2>Conclusion</h2>
Bitcoin has surged tremendously in the last three weeks, and derivatives leverage has increased greatly, so a short-term fall could be beneficial to the market. To keep the structure and form a higher low, we need to see support hold between $60K and $53K. The general trend in fundamentals and on-chain continues optimistic, and there are no signs of aggressive distribution forming, implying that the bull market has additional upside potential. The dollar is continuing to fall after topping at a key technical level, which is likely to be a positive for BTC in the months ahead.

Is the Crypto Market Planning to Follow Analyst PlanB’s Prediction?

PlanB predicted BTC's price accurately. Investors are looking forward to more such predictions, and it looks like the market is following PlanB's prediction

Meghna is a graduate of the Indian Institute of Journalism &amp; New Media specializing in  Print Journalism. She is currently working as a content writer for Agio Support Solutions Pvt. Ltd. She aims to provide quality content and strategy in the field of cryptocurrency and work with digital marketing platforms to deliver brand-specific strategies.

Is the Crypto Market Planning to Follow Analyst PlanB’s Prediction?

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