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Bitcoin records its highest monthly close in October, what’s next?

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TL;DR

TL;DR Breakdown:

  • Bitcoin has recorded another all-time high in monthly close.
  • Historically, November is also one of the bullish months for the leading cryptocurrency. 

Despite Bitcoin (BTC) fluctuating at the lows of $60,000 since reaching an all-time high on October 20, the largest cryptocurrency still held on to a record high in terms of monthly close. 

Bitcoin reportedly ended October 31 at $61,343, which is the highest monthly close ever recorded. The previous high was seen seven months ago, when the price closed at $58,800, precisely on March 31, which represents a 4.3 percent increase when compared to the current record. 

What’s next for Bitcoin?

At the time of writing, the price of BTC was back on the green at over $62,000. Looking back at historical data, November is seemingly another interesting month to watch. Since 2016, Bitcoin returns for the month have been positive. In November 2020, BTC netted more than 440 percent gain.

For October, the leading cryptocurrency gained almost 40 percent. It remains to be seen whether the market value of BTC would continue to increase this month in accordance with the historical performance these past five years. Already there are several on-chain metrics in support of this, including declining exchange balances. 

PlanB, the popular Bitcoin analyst and creator of the Bitcoin stock-to-flow model, made came close to predicting BTC price for October. His “worst-case scenario” for the crypto was $63,000, but the price ended less than $2,000 away. He said it’s a “3% rounding round,” and it is close enough for him. Hence, PlanB still believes there is a chance for BTC to hit $98k in November and $135k in December based on the stock-to-flow model. His targets for August and September were all realized. 

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Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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