Bitcoin, which exhibited volatile movements in a wide band in September, fell as low as $39600, alarming investors. Most of the losses were compensated with the gains in October.
While the rise in Bitcoin reached 50% in October, we saw the price retreat to $58,000 with the incoming profit sales. However, when we look at the monthly chart, we see that it is quite a bullish table.
In this context, we think that we will enter a period in which technically new peaks will be seen in Bitcoin and a parabolic rise will begin. In order to support this expectation technically, it will be sufficient for the monthly close to be above $58800.
We will be watching whether PlanB’s October forecast will hold, while Bitcoin rises above $60,000 again, with just a few days before the monthly closing.
Sharing its month-to-month expectations, PlanB did a good job at a time when new ATH expectations for Bitcoin were broken and the excitement in the market was fading.
In his analysis in June, the analyst stated that even in the worst-case scenario, Bitcoin would rise to $135,000 this year.
PlanB’s estimates were as follows; “We will be over $47,000 in August, $43,000 in September, $63,000 in October, $98,000 in November, and $135,000 in December.”
When we look at the monthly closures, we see that the closures are very close to PlanB’s estimates and that the closures are above the figures stated.
Bitcoin’s rebound above $60,000 as the monthly close in October approaches and other technical indicators suggest that PlanB’s October forecast will also be successful.
*Not Investment Advice.