Bitcoin spent much of Christmas stuck in a slightly bearish pattern below $51k. The largest digital currency by market capitalization was looking for the slightest chance of turning things bullish in the buildup to Christmas and even during it but the breakthrough never came. As a result, it was a slow, kind of boring Xmas overall in the markets. But, overall, the cryptocurrency is still bullish in the long-term as we have still almost 100% gains from December 25, 2020.
Bitcoin saw little price action earlier today because the bears came into play and are now trying to negate the earlier rise above $50k. They didn’t have their way of course as the index bottomed out in the short-term at around $50.2k. But, they did manage to become a spoilsport and pulled the price levels back during Christmas. While the bulls have survived this attack, the bears are expected to return and make things even more difficult for the bulls during the last few days of the year. If bulls can perhaps overcome this bearish onslaught, perhaps they can end the year on a relatively high note. The santa rally while not in play much can be expected till the end of this calendar year.
However, there were a lot of analysts who are close to being wrong by the end of the current year. Among them was the creator of popular model Stock-to-Flow (S2F) who goes by the name of PlanB. The famous Twitter account is being criticized and meme-fied because of its big claims regarding Bitcoin’s ascent.
Let me be clear:
1) Nov98K & Dec135K miss = FLOOR MODEL FAIL
2) Dec100K miss: I have said earlier that if BTC<$100K Dec2021, then S2F is “off the rails” “invalidated” “dead”. Tbh that was an ill attempt to clarify “$100K average this cycle” & regression analysis. S2F MODEL INTACT pic.twitter.com/LRdfLinTm4
— PlanB (@100trillionUSD) December 24, 2021
So, in the end it was a half apology from PlanB. He openly said that if Bitcoin doesn’t achieve $100k by December, his model stands invalidated. Many analysts believed him and predicted a major climax at the end of 2020. However, as we all came to know, that didn’t happen and instead, Bitcoin is on a slow, bearish decline that forced it back to around $45k just last week. Most of the analysts didn’t predict this at all and have now modified their predictions to have a major bullish upswing later in 2022.
Maybe if we do rise to above $100k later on, PlanB might just appear again, claiming that his model was right but off by a couple of months. Well, that is how it goes in the crypto analytical circles. You make a wild prediction and then wait for it to turn true and then say: I told you, so.
Anyway, not the Christmas the crypto community was hoping for, but things are still solid in the long-term and we can now look forward to the end of 2021 and then 2022 itself. Happy Holidays!
Image Source: pixabay.com
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