With a very positive October already passed, all eyes in the cryptocurrency community are on November, which, according to history, generated the biggest 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 the minor price losses in September, in which bitcoin fell 7%, the community trusted October (commonly referred to as Uptober in crypto Twitter) to end this record year on a positive 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 has happened amidst many 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 is now on the shoulders of November, whose data from Coinglass (formerly Bybt) is showing as the best-performing month for bitcoin with an average return on investment 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-boggling 450% increase in just 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 is trading at just 6% of its peak, with the community speculating if a new high is just 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.
Perhaps 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.
Other names who see $ 100,000 in BTC’s future in 2021 include CEO of Chainalysis, co-founder of Northstar & Badcharts, The Wolf of Wall Street, Adam Back and senior commodities strategist at Bloomberg.
