Their model seems to be really overreacting to Iowa, but what's not baked in is the drawn out, protracted result, and what seems almost certain to be a split decision. I believe there are four more debates before Super Tuesday, if Pete looks like the competent one compared to Joe, I think more and more people are going to start jumping ship from Biden, especially if Pete ends up finishing a solid second in NH.
There's a ton of very viable paths opening up for Bernie, not so much for Joe. I dont think Bloomberg will do well once he hits the debate stages. What I find particularly odd is trying square Nate's model with current betting odds for Bloomberg. Nate has him at 0.6%, Oddshark has him at +350. I think there's just way to many historically unprecedented wildcards in this primary year to try to make a model out of this that relies so heavy on past trends.