October wasn’t called Uptober for nothing in Bitcoin world. To kick of Q4, traditionally Bitcoin’s strongest quarter in the year, it rallied an astounding 40% from $43,800 to close the month at $61,359.
Okay, so it wasn’t exactly the $63,000 that PlanB called for, but it was pretty damn close. At 97% accuracy rate, I will give it to him. If he also trails November’s target by 3%, that would put the price at $95,000, which I will happily take.
Monthly All Time Highs
October also marked ATHs for monthly candle time frames, not just for Bitcoin, but for Ethereum as well. For ETH, it rallied an even more amazing 42% to close above $4000 for the first time ever in a monthly time-frame, moving from $3,000 to $4,288 within a month.
Dogcoin Distractions
It’s easy to lose perspective and get distracted by how far Bitcoin and Ethereum has come over the last year, especially when we get assailed with headlines of the likes of Dogecoin, Shiba Inu and other meme coins rallying millions of percent.
Yes, those are quick to rise, but also quick to fall.
To see how far Bitcoin has come, just look at the monthly charts.
Remember the insane 1K to 20K rally of 2017? That is starting to look insignificant when you zoom out on the timeframe in the charts.
Bitcoin ETFs
With Bitcoin ETFs in the US becoming a reality in October, we’re also going to be seeing a lot of institutional demand that was previously on the sidelines, signaling a new rush into the asset, potentially pushing prices a lot higher over the next 6 to 12 months.
Are you ready for that wave of new money?
If you’re new here and interested in dipping your toes into crypto, check out my reviews on crypto.com and hodlnaut.
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