After a series of three successful predictions made by Plan B, the creator of BTC Stock to flow price model, his  fourth prediction for the month of November has proved defective. This was in light of recent market volatility that saw BTC price drop to around $50,000 instead of aiming for the $98k predicted by the analyst. 

Despite his failed prediction, the infamous pseudonymous Bitcoin analyst has held his ground that Bitcoin is still on its way to breaching the $100k mark this year. According to his tweet, the S2F model is not affected and BTC remains on track towards $100K.

The November missed prediction is the first time that the analyst price forecast would not be hitting the desired targets. His predictions for the months of August, September and October respectively where he said the price of BTC would be in the range of $47k, $43k and  $63k, respectively hit their mark.

Though the value of the digital asset has since rebounded with some analysts calling the volatility seen in November a minor and least severe price correction the asset has seen recently. This group believes that the asset has seen worse sell-offs earlier in the year when China began its crackdown on the digital asset.

Crypto YouTuber Lark Davies stated that the latest bounce of the asset continues its five-month uptrend line, a mark that despite the uncertainty and FUD of the past few days, the market’s macro-bull is still on track.

How BTC price has fared in 2021

Bitcoin has had an inspiring year as the asset began 2021 in scintillating form, breaking its previous ATH and setting a new ATH. The community has had the possibility to enjoy a wide range of excellent BTC news. The asset, during this period, went on to enjoy a slew of adoption from institutional investors like electric carmaker Tesla, Chinese company Meitu, MicroStrategy, Square and others who pushed it into new heights.

Apart from the institutional investors, Bitcoin’s watershed moment came when El Salvador legalized the crypto asset as a legal tender within its jurisdiction. This, alongside the level of resilience shown by the asset has led many analysts to believe that the coin was going to finish the year within the $100k price range.

A report from Arcane Research has also shown that the asset has actually become more mature in November than it was in April when it witnessed a crash that saw it lose 50% of its value. Per Arcane, Bitcoin’s “More aligned and efficient pricing of the unregulated vs regulated bitcoin futures is a positive signal, suggesting that the euphoria among bulls has remained relatively muted compared to the carnage seen this spring.”

What to expect in the future

Thus, BTC price according to CoinCodex for the rest of the year posits that the asset would finish the year just above $60k. Data from the analytics site shows that “There is technical support at the $56,856 level down to $54,876, with resistance from $58,836 up to $60,816.”

Other predictions from analysts include: Wallet Investor, in its own case, projects that Bitcoin’s price would reach $94,755.40 by next year. DigitalCoin, however, is more optimistic, predicting the asset to move to an average of $101,344.22 in 2022.

By next year, we could also witness an influx of new institutional investors into the space and more countries embracing the digital asset.