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Plan B Says That Bitcoin Has surpassed $68K and that the Floor Model of Bitcoin Shows It Reaching “$100K”

As Bitcoin Soared Past $68K, Plan B Says Floor Model Shows BTC Reaching '$100K This Year'

On November 8, 2021, the price of bitcoin reached an all-time high of $68,564 per unit at 10: 57 p.m. (ET) on Monday evening. Meanwhile, Plan B, the creator of the bitcoin price model called stock-to-flow (S2F), has correctly predicted the last three months of bitcoin prices and recently said that based on the floor model the price will reach $100K this year.

‘Bitcoin Looking Strong’ — Plan B’s Poll Results Show 40% of Voters Believe $100K Will Happen This Year

Four months ago in June, Plan B tweeted that his “worst-case scenario for 2021” bitcoin (BTC) prices “on-chain based” would be “Aug>47K, Sep>43K, Oct>63K, Nov>98K, Dec>135K.” During the first week of August, Plan B reconfirmed his confidence in the price forecast and said “$64K was not the top.”

After correctly predicting the bitcoin prices for the months of August, September, and October, Plan B has been discussing BTC‘s current price run-up during the first week of November. On November 3, Plan B tweeted that bitcoin’s “Relative Strength Index [is] 72” and further noted that “bitcoin [is] looking strong.”

As Bitcoin Soared Past $68K, Plan B Says Floor Model Shows BTC Reaching '$100K This Year'
The price of bitcoin (BTC) tapped an all-time high on Monday evening reaching $68,564 per unit.

Two days later, Plan B published a poll asking his 1.4 million Twitter followers if they thought bitcoin would reach “$500K, $288K (S2FX model), $100K (S2F model), or will BTC stay below $100K… by Christmas 2021?”

The poll got 242,008 votes before closing and 39.8% said it would reach $100K per unit. 31.4% of Plan B’s voters who participated in the poll believe the price could hit $288K, while 23.8% have the opinion that BTC will stay below $100K. 5% of the 242,008 votes believe there is a chance BTC will hit $500K per unit.

S2F Model Predicts $100K Average, S2FX Model Predicts $288K Average

The same day the pseudo-anonymous analyst further asked his followers “Are you ready for +$10K daily candles?” Two days later, Plan B said “bitcoin long-term momentum is rising fast.”

Some people think Nov close $98K is too big a jump. It is +60% from current level. It is quite a leap. But #bitcoin did this many times before:

May 2019 +62%

Aug 2017 +66%

May 2017 +66%

Nov 2013 +451%

Oct 2013 +61%

Mar 2013 +181%

Feb 2013 +63% etc pic.twitter.com/1VAmwxAYox

— PlanB (@100trillionUSD) November 5, 2021

About six hours before bitcoin (BTC) tapped an all-time high on Monday evening, Plan B once again spoke about the six-digit price prediction.

“As you know S2F model predicts $100K average for this halving period (and based on floor model we reach $100K this yr),” Plan B said. “But S2FX model predicts $288K average this cycle (we need some real fireworks in 2022 for that). “Let’s see what this second leg of bull market will do,” the analyst said.

What do you think about Plan B’s stock-to-flow (S2F) bitcoin price predictions? Please comment below to let us know your thoughts on this topic.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Vote postponed to renominate SEC commissioner Caroline Crenshaw

Senate Banking Committee chair Sherrod Brown called it a “disgusting smear campaign against Caroline Crenshaw” The vote was postponed minutes before it was due to begin by Brown No date has been set for Crenshaw’s renomination A US Senate vote to renominate Democrat Commissioner Caroline Crenshaw to the Securities and Exchange Commission (SEC) has been…


US SEC Commissioner Jaime Lizárraga to resign in January

  • Senate Banking Committee chair Sherrod Brown called it a “disgusting smear campaign against Caroline Crenshaw”
  • The vote was postponed minutes before it was due to begin by Brown
  • No date has been set for Crenshaw’s renomination

A US Senate vote to renominate Democrat Commissioner Caroline Crenshaw to the Securities and Exchange Commission (SEC) has been postponed.

The vote was originally scheduled on December 11; however, it was postponed minutes before it was due to begin, reports Bloomberg. Sherrod Brown, the Senate Banking Committee chair, delayed the vote. When Brown requested the vote occur later that day, Republican senators blocked his request.

Brown later released a statement saying that corporate special interests are running a “disgusting smear campaign against Caroline Crenshaw.”

No date has been set for her renomination.

Earlier this week, crypto and blockchain advocacy groups voiced their opposition to Crenshaw’s renomination.

In a letter to Brown and Senate Banking Committee Ranking Member Tim Scott, the Blockchain Association and the DeFi Education Fund argued that Crenshaw’s actions have undermined Congress’s mandate to establish clear regulatory policies for the crypto industry.

In their letter, they mention Crenshaw’s “continued opposition to the approval of a spot Bitcoin ETP.”

Following the news of Crenshaw’s reappointment, Brian Armstrong, CEO of Coinbase, took to X to say: “She tried to block the Bitcoin ETFs, and was worse than Gensler on some issues (which I didn’t think was possible).”

A Republican-majority SEC?

The delay to Crenshaw’s renomination opens up the possibility of a three-person Republican SEC once Donald Trump enters the White House in January. Crenshaw’s term at the SEC officially ended in June; however, if she’s renominated she would be the only Democratic SEC commissioner.

The SEC can make up to five commissioners, but no more than three can form the same political party. Current SEC chair Gary Gensler, a Democrat, is stepping down on January 20, and SEC Commissioner Jaime Lizárraga, also a Democrat, will step down on January 17.

Last week, Trump nominated pro-crypto Paul Atkins, a Republican, as chair of the SEC.

Including Gensler and Lizárraga, the three remaining SEC commissioners include Republicans Hester Peirce and Mark Uyeda.


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Australia fines Kraken operator $5 million for non-compliance

Kraken operator in Australia Bit Trade will pay a $5.1 million fine for non-compliance with regulatory requirements. The Australian Securities and Investment Commission accused the crypto platform of offering a credit facilty that did not comply with regulations. Kraken crypto exchange’s Australian operator firm has been slapped with a AU$8 million ($5.1 million) fine for…


Kraken shutting down its NFT marketplace just a year after its launch

  • Kraken operator in Australia Bit Trade will pay a $5.1 million fine for non-compliance with regulatory requirements.
  • The Australian Securities and Investment Commission accused the crypto platform of offering a credit facilty that did not comply with regulations.

Kraken crypto exchange’s Australian operator firm has been slapped with a AU$8 million ($5.1 million) fine for non-compliance with Australian regulations.

The Australian federal court fined Bit Trade following a lawsuit by the Australian Securities and Investment Commission. In its order, the court said that the Kraken crypto exchange operator must comply with the country’s crypto regulations.

The court ordered that the exchange ought to pay 8 million Australian dollars as a penalty for non-compliance with the local regulations. Notably, Kraken recently announced a licensed broker offering for clients in Australia.

Bit Trade failed to comply with regulations

In August this year, the court ruled in favour of the Australian Securities and Investment Commission. The regulator had filed a case accusing Bit Trade of issuing a credit facility without following the legal proceedings.

ASIC argued that Bit Trade did not make the target market determination, a requirement to protect investors. Between October 2021 and August 2023, ASIC stated that the firm offered a margin extension to 1,100 users which cost them a loss of over $5.2 million without following the legal requirements.

The market regulator’s demand was Bit Trade to pay a fine worth 20 million Australian dollars. On their argument, Bit Trade put their limit to a maximum of four million Australian dollars. The penalty follows these proceedings, and the Kraken operator in Australia has 60 days to comply with the order.

In addition, the firm would cover for all the commissions court proceedings costs.

Kraken has faced regulatory hurdles in the US too, with the Securities and Exchange Commission (SEC), suing the exchange earlier in November 2023.

SEC’s allegations include Kraken offering of unregistered activities and operating as an unregistered broker. In August 2024, a US court denied the exchange’s motion that sought to dismiss the SEC’s lawsuit.


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Saylor and Bukele Discuss How El Salvador Can Accelerate Global Bitcoin Adoption

Michael Saylor has met with Salvadoran President Bukele to discuss accelerating global bitcoin adoption as El Salvador strengthens its position, continuing to accumulate bitcoin despite IMF-driven policy adjustments. Michael Saylor Meets Nayib Bukele to Discuss Bitcoin Strategy Michael Saylor, executive chairman of Microstrategy (Nasdaq: MSTR), met with El Salvador’s President Nayib Bukele on Feb…
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