Crypto news: Christmas ‘miracle needed’ for BTC to take off in time for holiday
08:18, 20 December 2021
Cryptocurrencies continued to trade sideways to down over the weekend. “Bitcoin (BTC) needs a small miracle for a $100,000 (£) Christmas,” wrote PlanB, the pseudonymous Dutch analyst known for his flagship stock-to-flow bitcoin price prediction model, which predicted the crypto to hit the mark by the holiday.
“Will I ditch stock-to-flow model if this does not happen? Nah, I actually like being at the lower bands. In fact I published the model at the lower bands in March 2019 with BTC below $4,000,” he added.
PlanB's alternative model, flooe model, missed its price prediction for November close for the first time.
On 1 December, PlanB wrote on Twitter: “Floor model first miss (after nailing August, September, October). No model is perfect, but this is a big miss and the first in 10 years! Outlier/black swan? I will give Floor model one more month. S2F [Stock-to-flow] remains unaffected and on track to $100,000."
Things have changed, with BTC settling under $50,000 for most of December. But, bitcoin is up 56.24% year-to-date.
On Twitter, cypto analytics company Santiment said that we are seeing "signs of bitcoin capitulation... This is the most negative trader commentary since early October, a good sign prices can finally bounce after all the FUD (fear, uncertainty and doubt)."
What is your sentiment on DOGE/USD?
Bitcoin needs a small miracle for a 100K Christmas. Will I ditch S2F model if this does not happen? Nah, I actually like being at the lower bands. In fact I published the model at the lower bands in March 2019 with btc below 4K. pic.twitter.com/L1m0jFGNYM— PlanB (@100trillionUSD) December 18, 2021
Other crypto news:
- Bank of England will step up cooperation with its global counterparts, the Times reports. The central bank is said to want tighter rules around crypto assets on international scale
Quote of the day: “I'm not looking at my portfolio balances again until 2022”
Reddit poster taking a mental health break from checking their portfolio during market volatility
Round-up of coins by market capitalisation:
As of 11:30 GMT:
- Bitcoin (BTC) was down 2.65% over the last 24 hours and trading $45,893.99
- Ether (ETH) sunk 3.23% to $3,799.24
- Binance coin (BNB) dropped 4.2% to $513.33
Winners and losers:
- Terra (LUNA) and avalanche (AVAX) saw 29.32% and 22.14% weekly gains
- Shiba inu (SHIB) and polkadot (DOT) were among the biggest weekly losers from the top 20 coins, losing 15.23% and 14.83%, respectively