Bitcoin had a spectacular October 2021, scoring a performance of +39.9%. The gloom that prevailed in late September 2021 has given way to growing euphoria. This makes sense when you see that its price has risen from $43K to $61K with a new ATH (All-Time High) of $67K.
The price of bitcoin was then logically adjusted after such a spike. I say logical because you have to keep in mind that nothing happens linearly with the bitcoin price . This 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 turned into strong support. Since October 15, 2021, the bitcoin price has closed below $60K only once:
That was on October 27, 2021, after a massive long liquidation that we witnessed. It reminded us that the bitcoin market can be compared to Squid's game of "Red Light, Green Light" . The price of bitcoin then quickly returned above $60,000, which was an extremely positive sign.
After a retesting phase, the path to $80,000 is clear for bitcoin
At the time of writing, the price of bitcoin is $63.2 thousand. After seeing many Sh*tcoin rise phenomenally, many are wondering what awaits bitcoin in November 2021. It's legit.
So I'll try to give you my vision as things stand.
First of all, if you resisted the temptation of a Sh*tcoin like SHIBA INU, congratulations! Bitcoin's goals are much more ambitious than what SHIBA INU can offer you . Besides, the SHIBA INU pump will soon be over and the dump will come to inflict a huge toll on all those who buy Sh*tcoin driven 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 a few days:
In the coming days, the bitcoin price is expected to attack its ATH, set on October 20, 2021, at $67,000. Once this ATH is defeated again, we should probably see a new phase of retesting.
Things should then accelerate as the bitcoin price resumes its climb into uncharted territory. This will develop well above $70K, with the bitcoin price reaching $75K-$80K by the end of November 2021 in my humble opinion.
Beyond $70,000, it wouldn't be surprising to see bitcoin volatility move sharply higher with impressive moves due to retail investor inflows. Bullish news is expected to proliferate in the media as more and more large companies move into 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 delivering on the promise that data on the chain has been showing for months: reaching the historic $100,000 mark.
Of course, we are not there yet and bitcoin will have to move forward step by step. First approaching $80,000 in November, and then anything will become possible once its price is in uncharted territory. On your part, if you are a bitcoin HODLer, your best days are ahead of you.
Bitcoin is already changing the lives of Salvadorans for the better
Finally, a few words 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 revealed that it owned 1,120 BTC, purchased at an average price of $53,062.
With a fraction 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 $4 million veterinary hospital in the capital San Salvador.
This may seem small, but on the scale of a country like El Salvador it is huge. Bitcoin is already changing the lives of Salvadorans for the better. Also commendable is the attitude of President Nayib Bukele, who previously explained that profits generated with bitcoin held by FIDEBITCOIN, the government account in the BTC Trust, will be used to improve the lives of the country's citizens.
So the experiment with standard bitcoin continues in El Salvador with its first positive consequences, and it will be interesting to see how this fascinating experiment develops in the months and years to come.