BTC hit a monthly close of $61,343 on 31 October
Bitcoin price has historically rallied after topping previous monthly close
PlanB predicts Bitcoin will rally to $98k and $135k in November and December respectively.
Bitcoin (BTC) price closed October at around $61,343, and is currently trading above $62,000 as the first week of November begins with the top crypto in green.
According to PlanB, the price of Bitcoin missed its October close target by less than 3%, but the coin is still in for a major rally in November. The Stock-to-Flow (S2F) model creator has therefore reiterated his earlier prediction that BTC price will follow his model to reach a new all-time high of $98,000 this November.
He pointed to the flagship cryptocurrency’s run to the monthly close of $47k in August before another leg down in September saw it close around $43k. October has seen Bitcoin hit a new monthly high at close above $61k and despite achieving a bull’s-eye close, PlanB believes the upside trajectory for Bitcoin remains.
PlanB has called the 3% off-target mark a “rounding error,” but which is “close enough” for him to stick with his next targets of more than $98k for November and $135k for December.
BTC price chart showing monthly candle. Source: TradingView
Bitcoin’s strong support
As Bitcoin price battles sell-off pressure above $60k, crypto analyst Altcoin Sherpa says strong support levels will prevent a short-term breakdown beyond $54,000. The trader recently noted that Bitcoin is forming a new higher low and the next breakout will be big.
He believes now is the time for anyone looking to take a position, adding that most money will soon flow into Bitcoin.
“When it accelerates I expect it to suck all altcoin liquidity out of the market and move like a runaway train. Higher low getting established now,” he said.
Another analyst Rekt Capital says that Bitcoin’s monthly close means the cryptocurrency could repeat its “historically recurring mid-cycle price tendencies” and see further gains in the short term. This outlook bodes well for BTC/USD as the pair has tended to go higher after topping the previous month’s close.
The upbeat mood towards Bitcoin was also espoused last week by CoinList CEO Graham Jenkin, soon after the crypto platform secured $100 million in its series A funding round.
Jenkin told CNBC that his company was bullish on Bitcoin and that sentiment across the market pointed to BTC price hitting $100,000 by end of 2021.
“Most of the folks at CoinList will bet that we’re at $100,000 by the end of the year. It’s getting pretty tight so I’m not sure that we’re going to make it there, but that’s what we’re predicting toward the start of the year,” he added.