TL; DR separation:
- Bitcoin set another record in monthly closing.
- Historically, November has also been one of the rising months for leading digital currencies.
Despite the fluctuations of Bitcoin (BTC) at the lowest level of $ 60,000 since reaching the highest level in history on October 20, the largest cryptocurrency still holds the record for monthly closures.
Bitcoin reportedly traded at $ 61343 on October 31, the highest monthly close. The previous highest was seven months ago, when it closed at $ 58,800, exactly on March 31, up 4.3 percent from the current record.
What is the future of Bitcoin?
At the time of this writing, the price of Bitcoin is back above $ 62,000. Looking at the historical data, November is another interesting month to watch. Since 2016, bitcoin returns have been positive for this month. In November 2020, Bitcoin earned more than 440% profit.
In October, the leading digital currency rose by almost 40%. It remains to be seen whether the BTC market value will continue to rise this month in line with historical performance over the past five years. There are currently several measures on the chain in support of this, including reducing inventory.
PlanB, the popular bitcoin analyst and creator of the Bitcoin model stock model, came close to forecasting bitcoin prices in October. His “worst case scenario” for crypto was $ 63,000, but The price ended less More than $ 2,000 further away, he said, is a 3% roundabout and close enough for him. Hence, PlanB still believes that based on the current stock model, there is a chance for Bitcoin to reach $ 98,000 in November and $ 135,000 in December. His goals for August and September were all achieved.