November 2021 proved to be a real disappointment in terms of price action for Bitcoin. What was promised as an epic Q4 2021 whimpered to a 7.15% drop in price from $61,356 to $56,974.
After an exciting 40% upside move in Uptober, many were expecting Bitcoin to continue the trend, dubbing the month Moonvember, Upvember and all sorts of innovative names. In the end though, NOvember proved its namesake right.
PlanB’s floor price model was shattered. He had previously predicted a price floor of $98,000 to end the month of November.
Nonetheless, he mentioned in his tweet that he will give his price floor model another month to prove itself, meaning Bitcoin will have to climb from its current $56,600 price all the way to $135,000 to maintain his floor model.
Of course, I will happily support his conviction. But having seen the November prediction smashed into smithereens, it’s hard not to take it with a huge bucket of salt.
Bitcoin daily price action
Bitcoin actually started November on a rather bright note, chilling above $60,000 for the first ween before shooting up to a new all time high of $69,000, before dropping like a rock back to test the $53,000 levels.
Ethereum price action
On the contrary, Ethereum pushed higher, and is looking to break upwards. In fact, ETH printed a new monthly all time high. Across November, ETH pushed 7.9% higher to end the month at $4,630.
Things are looking good for Ethereum going into December, as we look toward the migration to Proof of Stake, and more updates coming to the blockchain.
Bullish predictions have called for a potential $10,000 to end the year. Again, take this with a pinch of salt, but belt up for the ride anyway.
Regardless, it should prove to be a volatile and interesting end of the year for these 2, especially in the face of the Omicron variant.
I am personally cautiously optimistic, seeing that from a fundamentals perspective, we’re all set to make a push higher, depending on the severity of the pandemic and its evolving situation.