Bulls Eye November: Historically The Best Month for Bitcoin Price
With a highly positive October already gone, all eyes in the cryptocurrency community are on November, which history shows has delivered the most significant gains for bitcoin.
At the same time, numerous analysts expect BTC to continue breaking its own records and even tap a six-digit price by the year’s end.
Another Bullish November?
After September’s minor price losses, in which bitcoin dropped by 7%, the community placed a lot of faith in October (commonly referred to as Uptober in crypto Twitter) to end this record-setting year on a high note. And October indeed delivered as BTC broke its previous ATH by touching $67,000 and closed the month at its highest line ever of over $61,000.
In other words, the cryptocurrency gained 40% throughout the month. This came amid numerous positive developments in the industry. Those included a reassurance from Fed Chair Jerome Powell and SEC chief Gary Gensler that the US has no intentions to ban BTC and the subsequent launch of two Bitcoin Futures ETFs in the country.
Even more pressure now lies on the shoulders of November, which data from Coinglass (previously known as Bybt) displays as bitcoin’s best-performing month with an average ROI of 66%.
In fact, on only two occasions since 2013, November had brought pain for the bulls – during the bear market in 2018 when BTC slumped below $5,000 and in 2019.
In contrast, bitcoin absolutely soared in value in November 2013 – a mind-blowing 450% surge in just those 30 days. This was somewhat of a make-it-or-break-it year for the primary cryptocurrency, and this impressive surge to a new all-time high of over $1,200 per coin put the asset on the map.
Fast-forward to 2021, and bitcoin trades just 6% away from its peak, with the community speculating whether a new record hides right around the corner.
S2F And Many Others Expect Six-Digit Price
Although bitcoin has more than doubled its value since the start of 2021, marked a new ATH, and became a one-trillion-dollar asset, many in the crypto space (and even some outsiders) believe more gains are on the short-term horizen.
Arguably the biggest advocate for this is the popular stock-to-flow model and its creator – PlanB. S2F and its versions see bitcoin going above $100,000 in the next two months. Even PlanB’s “worst-case scenario” envisions BTC tapping $98,000 in November, which is a 60% surge from its current price tag.
Some of the other names that see $100,000 in BTC’s 2021 future include Chainalysis’ CEO, Northstar & Badcharts’ Co-Founder, The Wolf of Wall Street, Adam Back, and Bloomberg’s Senior Commodity Strategist.Source