Bitcoin has just surpassed its previous ATH (All-Time High), which was very recent as of October 20, 2021, to exceed $68,000 today. This new ATH is $68.4K, but you shouldn't clutter 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 could be beaten at any moment. By the time you read this, it is even possible that the price of bitcoin has already exceeded $70K.
As expected, November will be an exceptional month for bitcoin . We're still only in the first third of the month, but all the fundamentals for bitcoin are green. Long-term HODLers continue to hold, and the supply of bitcoin available on exchanges continues to shrink. This is sure to cause a lot of buying pressure as retail investors flock to the market.
We're not there yet, as the evolution of search volumes for the term "bitcoin" in Google's search engine suggests:
However, this is not far off.
In addition to this, there is likely to be approval of the first Bitcoin ETF based on the spot market in the coming days. Such an ETF would be even more significant than Bitcoin ETFs based on futures contracts that were approved in October 2021 г. Indeed, a spot market based ETF will come to buy and hold bitcoin directly. This will further increase pressure on the supply of bitcoin available for purchase.
As I explained at the very beginning of November 2021, we may see a correction with a retest in the coming days:
Nothing is guaranteed as always with the price of bitcoin, but this is a hypothesis to keep in mind once the bitcoin price breaks the $70,000 barrier. Because it will happen sooner or later in the coming days. Then bitcoin won't be far from success in the first part of its reversal mission which is to break the market capitalization of silver. For this to happen, the price of bitcoin will have to reach 72.6 thousand dollars.
Then it will be time for bitcoin to consider the market capitalization of gold, which is currently $11.57 T. This is the phenomenal growth potential that awaits bitcoin over the next decade.
Under these conditions, it is quite logical that the ultimate euphoria will engulf the bitcoin market:
As is often the case, it is in these moments of euphoria that you will need to be particularly vigilant. You don't need to get more excited about what's happening to the price of bitcoin. This was all expected and even announced long ago, if you take for example this article I published in July 2021: " Top 10 reasons that will bring the price of bitcoin to $100,000 in the coming months ".
Bitcoin's goals are much larger and more far-reaching in reality.
Final thoughts
So the best you can do is stick to your bitcoin plan. 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 this way.
For my part, instead of focusing on the price of bitcoin, although that can be tempting in these times, I prefer to focus on deepening my knowledge of economics, money, or bitcoin. Here's how I reinforce my beliefs 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.