Bitcoin Closes Out Uptober With A 40% Gain, PlanB Sets December Target

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Last Updated on 1 November 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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In the beginning of October, we published a story which predicted that the month which is about to close would normally be a good one, if historical trading patterns were followed.

Back then, famous Dutch crypto voice and trader Michaël van de Poppe published a chart showing that if September is historically bearish, the last quarter belongs to the bulls, thus prompting the markets to buy the lows.

As we closed out October, we’re looking at a 40% gain, having started the month in the $40,000 range. That also means Bitcoin closed out its best month of 2021.

Advertentie.

Buying the dip

Even in the past week, when Bitcoin briefly dipped below the 20-day exponential moving average to around $ 59,390 on October 27th, the bulls aggressively bought the lows, and Bitcoin returned above that level the next day.

Analysts now claim that $ 90,000 is bitcoin’s next target as long as it manages in the next few weeks to break through the resistance of $67,000, a level close to its current all-time high.

It comes as more and more warning signs are going up in major economies about rising inflation, a word that does not exist for the world’s biggest cryptocurrency as it’s supply is capped at 21 million. For Satoshi Nakamoto’s invention, there is no possibility of a printer going Brrrr.

Already we wonder where we’ll end this year. Will the $100k level be attained? Two interesting months remain.

Anonymous Dutch Trader Plan B thinks it’s all still going well and has set new sights for November and December. November should be a Bitcoin of $98.000 and end of the year we should see a Bitcoin price of $135,000 according to him.