BTC hit a monthly close of $61,343 on 31 October
Bitcoin price has historically rallied after topping previous monthly close
PlanB predicts Bitcoin will rally to $98k and $135k in November and December respectively.
Bitcoin (BTC) price closed October at around $61,343, and is currently trading above $62,000 as the first week of November begins with the top crypto in green.
According to PlanB, the price of Bitcoin missed its October close target by less than 3%, but the coin is still in for a major rally in November. The Stock-to-Flow (S2F) model creator has therefore reiterated his earlier prediction that BTC price will follow his model to reach a new all-time high of $98,000 this November.
He pointed to the flagship cryptocurrency’s run to the monthly close of $47k in August before another leg down in September saw it close around $43k. October has seen Bitcoin hit a new monthly high at close above $61k and despite achieving a bull’s-eye close, PlanB believes the upside trajectory for Bitcoin remains.
PlanB has called the 3% off-target mark a “rounding error,” but which is “close enough” for him to stick with his next targets of more than $98k for November and $135k for December.
BTC price chart showing monthly candle. Source: TradingView
Bitcoin’s strong support
As Bitcoin price battles sell-off pressure above $60k, crypto analyst Altcoin Sherpa says strong support levels will prevent a short-term breakdown beyond $54,000. The trader recently noted that Bitcoin is forming a new higher low and the next breakout will be big.
He believes now is the time for anyone looking to take a position, adding that most money will soon flow into Bitcoin.
“When it accelerates I expect it to suck all altcoin liquidity out of the market and move like a runaway train. Higher low getting established now,” he said.
Another analyst Rekt Capital says that Bitcoin’s monthly close means the cryptocurrency could repeat its “historically recurring mid-cycle price tendencies” and see further gains in the short term. This outlook bodes well for BTC/USD as the pair has tended to go higher after topping the previous month’s close.
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