Despite the fact that Bitcoin’s missed its expected value of US$ 60,000 plus for the end of November, experts believe that there is still a positive side which is that Bitcoin continues to remain on the right track.
Bitcoin lost the punch on Thursday, the 25th November 2021 as the value sank from US$ 59,000 plus to US$ 53,000+. It was expected by the Bitcoin community though that Bitcoin’s value, at the end of November, would be around US$ 98,000. However, the dip caused Bitcoin to miss the expected target. Apparently, it also became apparent prior to the dip that the target looked impossible for Bitcoin to achieve. The best Bitcoin did was hitting its all-time high price of US$ 69,000, which happened in the same month. But again the value dropped below US$ 60,000 and was trading safely at US$ 59,000+ for many days until 25th November.
Bitcoin lost US$ 6,000 approximately on the 25th November dip. Luckily, it rebounded in less than 24 hours’ time and, as of this time, is trading hands @ US$ 59,000 plus.
There is however a “Plan B”, which the Bitcoin community associates with Bitcoin. Plan B is very much alive on Twitter since October 2017 and has more than 1.5 million people endorsing the plan. The end-November expected value of Bitcoin of US$ 98,000 stemmed from this very “Plan B”.
Plan B predicted a month-wise price projector for Bitcoin. For instance, for the months of August, September, and October, Plan B predicted the values of US$ 47,000, 43,000, and 63,000 respectively. However, for the months of November and December 2021, the plan estimated the price range to be US$ 98,000 and 135,000 respectively.
Looking at the price range of Bitcoin for the months of August, September, and October, the predictions were more or less correct. However, for the month of November, evidently, Bitcoin has missed the expectancy. This is the first prediction from Plan B which has failed to achieve the expected results. Otherwise, for three consecutive months, the predictions were mostly onto the point.
This raises a question with regard to December’s prediction. It seems impossible for now that Bitcoin’s value goes up as has been predicted i.e. US$ 135,000.
For the Bitcoiners, however, there is still hope and they believe that anything can happen in the month of December. They are still positive that though the prediction could not come true yet Bitcoin rally is there. They are relying on the fact that when Bitcoin lost approximately US$ 6,000 in value but it rebounded quickly. Similarly, when the value goes down, it creates an opportunity for the investors to buy the dip.
The recent rebound of Bitcoin is because of the massive investment which came because of Microstrategy’s investment. The company invested more than US$ 414 Million and bought more than seven thousand Bitcoins.