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Bitcoin has closed a very good month above $60,000 for the first time ever. “Uptober” saw a new all-time high of $66,930.39 two weeks ago after which the price of the top cryptocurrency hovered in solid fashion around the $60,000 mark since.
Bitcoin bulls are eagerly anticipating November to kick off a next phase of another surge towards $100,000 by year end.
Bitcoin achieved the highest monthly close in history today.
Fitting that it hits a milestone on the 13th anniversary of the Bitcoin white paper.
— Pomp (@APompliano) November 1, 2021
The Stock-to-Flow model of popular analyst PlanB is still in play for a surge towards the end of the year. According to his model $98,000 is a possibility for the end of November with some room for a bonus.
Despite having been a couple of % off from his worst-case scenario, PlanB seems pretty pleased so far.
Oct $61K new monthly close ATH!
Ok ok, 3% rounding error .. close enough for me
Next targets: Nov>$98K, Dec>$135K pic.twitter.com/7LSnQBYJ33
— PlanB (@100trillionUSD) November 1, 2021
While October marked the month in which the U.S. saw the first Bitcoin ETF’s being launched, November can possibly bring further institutional inflow incoming. This month we will also surely be hearing some more news from U.S. government officials, in particular the Federal Reserve on inflation risk and mitigation.
At the time of writing, Bitcoin is trading at $62,171.69 according to CoinMarketCap data.
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Author: Peter Siu