After an excellent October 2021 for the Bitcoin price, with a rise of almost +40%, I was expecting an even more phenomenal November. I had even started to rename this November as Moonvember. That's how optimistic I was.
I had explained that I was looking at a Bitcoin price of around $75K-$80K by the end of November 2021. As you may have noticed, I was wrong. Various events have affected the price of Bitcoin and prevented this scenario from being validated.
This is part of the game when you take the risk of making predictions about the price of Bitcoin in the short term. You are usually wrong 90% of the time. That's why I always tell you that this is only an opinion that I share with you and in no way a guarantee. No one can guarantee the price of Bitcoin in the short term.
After a start to November 2021 that gave credence to the scenario, I was considering, with an ATH reached on November 10, 2021, very close to $69K, the price of Bitcoin fell following a leverage shakeout on November 15, 2021. Since then, the price of Bitcoin has been consolidating between $55K and $60K.
Nothing abnormal, but an essential reminder for me, as for you.
With the short-term price of Bitcoin, you should not expect anything in particular. You should never make decisions about Bitcoin by predicting its short-term price. This is something that is far too risky for people who are not seasoned traders. Even the latter frequently make mistakes and lose money from time to time. That's what I mean!
While you shouldn't expect anything specific about the Bitcoin price in the short term, you should be prepared for anything.
Bitcoin price could break $60K, or fall below $50K, in the short term. That’s not what you want to read, but that’s the truth
The price of Bitcoin is currently $56K as I write this. In the coming days, the $60K mark could be broken. The price of Bitcoin would then start to rise again, with December 2021 possibly seeing the $75K-$80K area that I had envisioned for late November 2021.
The price of Bitcoin could also for some reason break the $52K-$53K resistance zone and break out of its upward trajectory that began in early August 2021. Bitcoin was then recovering from a difficult period of several weeks after the banning of mining in China and Elon Musk's announcement of the end of support for BTC payments from Tesla.
Both scenarios are on the table. Both scenarios can happen. You should expect neither in particular if you make a buying decision, but be prepared for both.
If you make a buying decision, you need to think long-term. You need to do so because you believe that the price of Bitcoin will continue to appreciate due to a demand that will increase given what Bitcoin offers to its users. You need to do so because you want to get freedom over your life thanks to Bitcoin.
A majority of the world's inhabitants have yet to realize this. With a limited supply of 21 million units no matter what, this gives you an incredible upside potential for the price of Bitcoin.
Expect nothing in the short term, be ready for everything. That’s the key.
However, in the short term, you need to be mentally prepared for the volatility of Bitcoin. Its price could drop below $50K and return to the $40K range. Will you manage to stay a no matter what HODLer under these conditions? It's in your best interest, but you need to think about it now so you don't end up in a panic if this happens.
If the price of Bitcoin rises above $60K and starts a new bullish wave towards $80K and then $100K, will you be willing to not fall into the FOMO sentiment? Will you be willing to remain a no matter what HODLer while knowing that Bitcoin's goals for the next decade are much higher than that?
That's what's at stake in the Bitcoin world in the short term if you want to be able to make the most of this incredible monetary revolution in the long term.
I am prepared for all of these scenarios, and I encourage you to do the same.
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