Bitcoin proponents and hodlers are popping champagne after a trying few months, as Bitcoin recovered from China bans to notch a new all time high of $67,016 on 20 October 2021, smashing through the previous all time high etched on 14 April 2021 of $64,895.
As of writing this post, bitcoin has cooled a little to settle at $65,440, still a fair bit higher than the previous ATH.
Now in price discovery mode, bitcoin folks are expecting a fireworks ending to Q4, with many calling for $100K Bitcoin price before the end of the year.
Bitcoin daily chart
Looking at the chart, we’re now in a new period of price discovery. Adding to this, we’re also seeing the 100SMA crossing over the 200SMA, further confirming the bullish price action.
A huge fear over the last few months, has been governments waging war on the asset, following the lead from China to ban both mining and trading of cryptocurrencies.
But with the approval for the Bitcoin ETF to launch in the US, sentiment has switched. We’re now expecting a couple more ETF applications to pass, and by the end of the year, we should have a couple of options when it comes to buying Bitcoin ETFs in the US.
Price prediction for the rest of 2021
I always come back to PlanB’s stock to flow model, and his tweet predicting his baseline prices for the end of the months all the way through to December 2021.
So far, he has been bang on! If we look at the monthly charts below, we can see that his predictions have been on track for August and September. Between September and October, he predicted a 20K jump from a minimal closing price of $43K to $63K.
That’s an almost 50% increase in price in the space of a month! And yet, here we are, sitting at $65K.
That is an amazing 3 for 3 rate, provided nothing too crazy happens negatively over the next 10 days.
And then he predicts $98K for the end of November, and $135K for Christmas. Whatever it is, it’s going to be a crazy ride, and I cannot wait to see that happen.
Oh! And if we don’t stray too far from this price come the end of October, this will mark the largest monthly price movement (denominated in dollars in either direction) in the history of Bitcoin’s existence.
Nice.