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With Bitcoin closing the month of October at $13,816, this signals the highest monthly close for BTC since December of 2017.
October’s monthly close also signals the highest red dot close to date via the Stock-to-flow model, a clear indication that this controversial Bitcoin price prediction model is right on track ‘still’ targeting $288K by 2024.
Bitcoin briefly spiked above $14,000 again, this time perhaps on news from the US Presidential elections.
The altcoins have erased most of yesterday’s losses, and the market capitalization has added about $10 billion.
Bitcoin broke above the coveted $14,000 mark on Saturday for the first time since January 2018.
Since then, though, the asset has primarily struggled with maintaining its high price tag.
In fact, BTC even dipped below $13,300 on two occasions in the following days.
It started recovering yesterday when it jumped above $13,500 and stayed above it for most of the past 24 hours.
Just a few hours ago, the primary cryptocurrency headed higher once more.
With a few decisive candles, Bitcoin surged to $14,050 (on Bitstamp) before retracing to its current level – $13,800.
Interestingly, the price increase coincided with surfacing reports that the current US President Donald Trump has become the betting favorite to win the 2020 Presidential elections.
Nevertheless, popular TV host Max Keiser recently highlighted that despite who’s the US President following the elections, Bitcoin will emerge as the ultimate winner.
In other trending Bitcoin News today:
“$17K Next? Watch These 3 Key BTC Price Levels”
Bitcoin (BTC) has been on a tear and there’s no escaping it.
But the majority of high-cap altcoins are seemingly suffering at the hands of this bull run, leading to the question: have we had our altseason already?
Is it over or is there more to come?
Bitcoin has been eating up multi-year resistance levels like Pacman on an amphetamine-induced rampage lately, smashing through $11,300, then $12,400 then $13,100 before being rejected around the $14,000 level.
After $14,400 there isn’t much in the way of resistance until $17K before a new all-time high can be printed for the king of cryptos.
But the question is can Bitcoin run out of steam?
In other trending BTC News today:
“Bitcoin Bull Cynthia Lummis Wins US Senate Seat”
Cynthia Lummis, the Republican Party candidate for Wyoming, “publicly said” on the night of November 3 “that she wants to defend [crypto] against federal encroachment,” per a tweet from Avanti Bank & Trust CEO Caitlin Long, a Wall Street veteran and fellow crypto advocate.
Lummis is known to be a long-term bitcoin enthusiast and said she made her first purchase in 2013, in the days when one could buy BTC 1 for around $300.
Lummis has previously served in Congress, and recently told the Wyoming Blockchain Stampede in a video interview, “During my time in Congress, I first learned about bitcoin. I was struck by how innovative bitcoin is with its decentralized public ledger and a fixed supply. […] Knowing that there are only going to be 21 million bitcoin makes it an attractive store of value.”
This last point, she stated, was important as the USD’s status as the world’s de facto reserve currency is now coming under threat.
“Bitcoin, to me, has shown great promise and may rise as a viable alternative store of value to the US dollar, both on the institutional level and the personal level. That potentiality is something we must at least acknowledge in our conversations about the economic future of our country.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Price of #Bitcoin at the last 3 US presidential elections: 2012: $102016: $7002020: $14,0002024: ?
Where do you think the $BTC price will be in 2024 at this time? My prediction is $288K! 😎🚀
— Crypto News Alerts (@CryptoNewsYes) November 4, 2020
SENATOR LUMMIS…YESSS!!!🤠 She is likely to be one of the most powerful US senators, given how divided the new senate appears to be. She LOVES what #Wyoming did in #crypto—publicly said tonight that she wants to defend it against federal encroachment. 🙏Congrats Sen Lummis!🚀 pic.twitter.com/FVI7sBcB2t
— Caitlin Long 🔑 (@CaitlinLong_) November 4, 2020
#Bitcoin may undergo a parabolic 2021, as it did in 2013 and 2017, if previous patterns play out again. New highs are a next potential iteration and may be only a matter of time unless something we don’t foresee trips up the trend of greater adoption and demand vs. limited supply pic.twitter.com/w742J7bXfC
— Mike McGlone (@mikemcglone11) November 4, 2020
https://cryptonews.com/news/bitcoin-bull-cynthia-lummis-wins-us-senate-seat-8197.htm
https://cointelegraph.com/news/can-bitcoin-hit-17k-next-watch-these-3-key-btc-price-levels
https://cointelegraph.com/news/bitcoin-is-targeting-288k-stock-to-flow-price-like-clockwork-planb
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Bitcoin’s Next Frontier: Plan B Sets Sights on $87K, Affirming Course Toward Six Figures
The world of cryptocurrency is once again abuzz with excitement as the renowned Stock-to-Flow (S2F) model, popularly known as “Plan B,” maintains its bold prediction for Bitcoin’s next target: $87,000. According to the latest update, Plan B asserts that the BTC price is “still on track” toward achieving the coveted six-figure milestone, igniting anticipation and speculation among crypto enthusiasts.
Plan B’s S2F model has gained significant credibility for its historical accuracy in predicting Bitcoin’s price movements based on the asset’s scarcity. As the crypto market experiences fluctuations influenced by various factors, the consistency of Plan B’s projections has captured the attention of both seasoned investors and newcomers alike.
The article highlights the confidence expressed by Plan B in Bitcoin’s trajectory, affirming that the cryptocurrency is steadfastly moving toward the $87,000 mark. Understanding the basis of this prediction involves delving into the Stock-to-Flow model, which factors in Bitcoin’s production rate and circulating supply to estimate its future value.
For investors navigating the volatile crypto landscape, the reassurance from Plan B may provide a sense of confidence in the midst of uncertainty. However, it’s crucial to acknowledge that the market can be unpredictable, and external factors such as regulatory developments, macroeconomic trends, and market sentiment can influence the trajectory of digital assets.
As Bitcoin enthusiasts eagerly await the realization of this $87,000 target, it’s essential to approach such predictions with a balanced perspective. While the S2F model has been remarkably accurate in the past, unforeseen events can impact market dynamics. Investors are encouraged to stay informed, conduct their research, and consider various factors when making decisions in the crypto space.
The journey toward six-figure territory for Bitcoin remains an intriguing narrative in the evolving landscape of digital currencies. As Plan B’s projections continue to capture the imagination of the crypto community, eyes will be glued to the charts to see if Bitcoin can indeed reach the anticipated $87,000 milestone. Whether this becomes a reality or introduces new twists to the crypto saga, only time will unveil the next chapter in Bitcoin’s remarkable journey.
