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I personally have a hard time believing that a person could confuse a planet or sattelites with a UFO.
Usually, a description such as “it seemed to hover for an hour” is diagnostic of a star or planet (people get fed up watching after about an hour, or the object sets). Often there are other descriptions such as “flashing coloured lights” or “it appeared to be rotating” which is how bright stars appear when they are twinkling, notably Sirius on a cold, frosty night. Binoculars do not always help identification if they happen to be cheap and with optical defects that produce spurious colours and shapes.
A more subtle effect is known technically as the autokinetic effect. In this, natural movements of the eye make a stationary object appear to move irregularly, sometimes zooming up and down or swinging from side to side in a movement sometimes described as like a “falling leaf”. Autokinetic motion can be uncanny when watching artificial satellites, which often appear to zig zag or even make deviations around stars in their path.
Astronomical objects are the most common cause of mistaken UFO reports