Bitcoin Hits a New ATH at $68K – Don’t Get Overly Excited, Keep Building Patiently.

By ssaurel | In Bitcoin We Trust | 9 Nov 2021


Bitcoin has just beaten its previous ATH (All-Time High), which was very recent as of October 20, 2021, to exceed $68K today. This new ATH is $68.4K, but you shouldn't clutter up your memory with it, as this price will be exceeded very quickly.

As I write this, the price of Bitcoin is $68.2K, and a new ATH can be beaten at any moment. By the time you read this, it's even possible that the price of Bitcoin has already surpassed $70K.

As expected, November is going to be an exceptional month for Bitcoin. We are still only in the first third of the month, but all the fundamentals for Bitcoin are in the green. Long-term HODLers continue to hold, and the supply of Bitcoin available on exchanges continues to shrink. This is bound to cause a lot of buying pressure as retail investors flock to the market.

We are not there yet, as the evolution of search volumes for the term “Bitcoin” on the Google search engine suggests:

However, this is not far off.

In addition to this, there is the likely approval in the coming days of a first Bitcoin ETF based on the spot market. Such an ETF would be even more significant than the Bitcoin ETFs based on futures contracts that were approved in October 2021. Indeed, a spot market-based ETF would come to buy and hold Bitcoin directly. This would further increase the pressure on the supply of Bitcoin available for purchase.

As I explained to you at the very beginning of November 2021, we may see a correction with a retest in the days to come:

Nothing is guaranteed as always with the price of Bitcoin, but it is a hypothesis to keep in mind once the price of Bitcoin breaks the $70K barrier. Because that will happen sooner or later in the days to come. Bitcoin will then not be far from succeeding in the first part of its flippening mission, which is to break through the silver market cap. For that to happen, the price of Bitcoin will have to reach $72.6K.

Then it will be time for Bitcoin to look at gold's market cap which is currently $11.57T. That's the phenomenal growth potential that awaits Bitcoin over the next decade.

Under these conditions, it is only logical that extreme euphoria is gripping the Bitcoin market:

As is often the case, it is in these moments of euphoria that you will need to be extra vigilant. You don't need to be any more excited than that about what is happening with the price of Bitcoin. All this was expected and even announced a long time ago, if you take for example this article I published in July 2021: "Top 10 Reasons That Will Drive the Bitcoin Price to $100K in the Coming Months".

The goals of Bitcoin are much bigger and farther away in reality.

Final Thoughts

So the best you can do is to stick to your plan with Bitcoin. The current situation should make you happy, but don't lose sight of the main thing. Be patient, and keep building your game patiently. The greatest successes are always built that way.

For my part, rather than focusing on the price of Bitcoin, even though it can be tempting during these times, I prefer to focus on deepening my knowledge of economics, money, or Bitcoin. This is how I reinforce my convictions about the inevitability of Bitcoin in the future.

I urge you to do the same to continue to live through this monetary revolution in the most zen way possible.


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ssaurel
ssaurel Verified Member

Entrepreneur / Developer / Blogger / Author.


In Bitcoin We Trust
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