GB Market Commentary 29/10/2021
by Will Morris
Bitcoin is struggling to recover from lows seen a few days ago, languishing between $60-61k. Plan B’s stock to flow model has been eerily accurate over the past few months – with the Bitcoin price ending August and September within 1% of the predicted worst case scenario. Plan B’s model predicts the worst-case outcome being Oct>63k, bulls will be trying to push Bitcoin above this figure to ensure the continued validation of the model which predicts a Dec>135k Bitcoin by year end.
ETH recorded a new ATH, surpassing May 2021’s peak, this comes on the back of the successful Altair upgrade. Raoul Pal tweeted that he was more than irresponsibly long on ETH right now having just entered ‘by far and away the biggest personal position of my entire life by a factor of 10’.
Following news on Monday that Zuckerberg will be spending more than $10 billion on Facebook’s metaverse division, it has just been announced that it will officially change its corporate name to Meta.
MicroStrategy has further increased its Bitcoin holdings by 8,957 BTC in Q3, taking its total investment to around $7bn. With institutions and countries are buying and holding ever more Bitcoin, supply is dwindling further and further.