Bitcoin had a spectacular October 2021, posting a performance of +39.9%. The gloom that prevailed at the end of September 2021 has given way to a growing euphoria. This makes sense when you see that its price has gone from $43K to $61K with a new ATH (All-Time High) of $67K.
The price of Bitcoin was then logically corrected after such a surge. I say logically because you have to keep in mind that nothing happens linearly with the price of Bitcoin. It happens in successive bullish waves with corrections that you need to take advantage of to accumulate more BTC.
The good news is that the previous strong resistance around the $58K area has now become strong support. Since October 15, 2021, the price of Bitcoin has only closed below $60K once:
This was on October 27, 2021, following a massive long liquidation that we witnessed. This reminded us that the Bitcoin market could be compared to Squid Game’s “Red Light, Green Light”. The price of Bitcoin then quickly bounced back above $60K, which was an extremely positive sign.
After a retest phase, the road to $80K is clear for Bitcoin
As of this writing, the price of Bitcoin is $63.2K. After seeing many Sh*tcoins rise phenomenally, many are wondering what is in store for Bitcoin this November 2021. This is legitimate.
So I'm going to try to give you my vision as things stand.
First of all, if you have resisted the temptation of Sh*tcoins like the SHIBA INU, congratulations! Bitcoin's goals are far more ambitious than what the SHIBA INU can offer you. Furthermore, the SHIBA INU pump will soon end and the dump will come to take a huge toll on all those who buy Sh*tcoins guided by their greed and gullibility.
That being said, the 12-hour Bitcoin price chart shows that Bitcoin has just come out of the Bull Flag it has been in for several days:
In the coming days, the price of Bitcoin is expected to attack its ATH set on October 20, 2021, at $67K. Once this ATH is beaten again, we should probably see a new retest phase.
It is after this that things should accelerate with the price of Bitcoin resuming its ascent into uncharted territory. This will play out well above $70K with the price of Bitcoin reaching $75K-$80K by the end of November 2021 in my humble opinion.
Beyond $70K, it would not be surprising to see Bitcoin's volatility rise sharply to the upside with impressive moves due to the influx of retail investors. Bullish news is expected to multiply in the media as more and more large companies switch to the Bitcoin world.
So get ready for the return of extreme euphoria in the Bitcoin market.
December 2021 is expected to be even more bullish with Bitcoin fulfilling the promise that the on-chain data has been showing for months: reaching the historic $100K mark.
Of course, we are not there yet, and Bitcoin will have to move forward step by step. First the approach of $80K in November, and then everything will become possible once its price is in uncharted territory. On your side, if you are a Bitcoin HODLer, your best days are ahead of you.
Bitcoin is already changing Salvadorans' lives for the better
Finally, a word about something even more important than the price of Bitcoin itself: the Bitcoin revolution. For that, we need to go to El Salvador, which was the first country to make Bitcoin an official currency in September 2021. As of November 2, 2021, El Salvador had disclosed holding 1,120 BTC purchased at an average price of $53,062.
With a small portion of the profits generated by its Bitcoin strategy, El Salvador has just decided to fund 20 new schools in the country, as well as confirm the construction of a new veterinary hospital for $4 million in the capital San Salvador.
That may seem small to you, but on the scale of a country like El Salvador, it's huge. Bitcoin is already changing the lives of Salvadorans for the better. Also commendable is the attitude of President Nayib Bukele, who had previously explained that the profits generated with the Bitcoin held by FIDEBITCOIN, the state BTC Trust account, would be used to improve the lives of the country's citizens.
The experiment with a standard Bitcoin thus continues in El Salvador with its first positive consequences, and it will be interesting to follow how this fascinating experiment evolves in the months and years to come.
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