Analysis: Bitcoin Can Go 10x From Current Price If November Breaks Monthly ATH Close

Bitcoin could surge by up to 1,000% and reach $170,000 if it closes November’s monthly candle at or above $13,880, based on historic performance.

A popular Bitcoin analyst and trader pointed out that Bitcoin has historically headed towards massive price surges once it closed higher than the previous monthly high. As a result, BTC could face up to a 1,000% price pump soon if it closes November at or above its current price.

BTC To Pump By 1,000% Soon?

Bitcoin has been surging in value in the past month. The impressive performance led to several consecutive yearly records and reaching $16,000 last Friday – the highest BTC price displayed since early January 2018.

Bitcoin Price Chart (Image: NikonD300/MaxPixel)
Bitcoin Price Chart (Image: NikonD300/MaxPixel)

Although the cryptocurrency has retraced since its peak and currently trades at about $15,400, the analyst Josh Rager suggested that the asset could soon skyrocket even further. Rager noted that “every time Bitcoin has closed above the previous monthly all-time high – a 700% to 1,000% uptrend has followed.”

The first similar scenario highlighted in his graph occurred in 2013. BTC’s January monthly close was around $20, which coincided with the previous monthly high. Shortly after, the primary cryptocurrency spiked to about $150 – or a near 700% increase.

Somewhat identical events transpired on two more occasions in 2014 and during the parabolic price increase of 2017. The latter is also the current benchmark as BTC closed in December at about $13,880.

With Bitcoin’s price hovering above that level now, Rager believes that “November could be the first monthly close that we see breaking the previous high.”

Should his prediction materialize, Bitcoin will find itself in a six-digit price territory. The “modest” 700% increase will take BTC to $120,000, while the 1,000% surge will result in $170,000 per coin.

Read more: Crypto Potato

US Voting Over, But Near-Zero Interest Rates, Inflation Are Here to Stay

The American election is over, if not yet finally decided. But bitcoin (BTC) barely seemed to notice. It finished Election Day pretty much where it began — with within a few percent of USD 13,500.

That’s because basic economic reality remains unchanged.

Flagrant money-printing, once begun, is a tough habit to break. And debt has become so astronomical in size, the merest whiff of higher interest expense threatens to push vast swaths of the economy into bankruptcy.

That virtually guarantees near-zero interest rates will continue indefinitely.

This reality is causing a broad shift in sentiment toward crypto assets

Just a couple years ago, for example, investment market sentiment was overwhelmingly bearish. Talking heads on Bloomberg and CNBC routinely labelled crypto “the biggest bubble of all time.”

  • Warren Buffett famously said bitcoin was “rat poison squared.”
  • JPMorgan Chase & Co. CEO Jamie Dimon declared bitcoin a “fraud,” saying: “If you’re stupid enough to buy it, you’ll pay the price for it one day.”

Fast forward to the present, and how dramatically things have changed. Now, JPMorgan analysts say BTC has “significant upside,” as it competes with gold as an alternative reserve asset — especially among millennials.

Their conclusion:

“Even a modest crowding out of gold as an alternative currency over the longer term would imply doubling or tripling of the bitcoin price from here.”

Read more: Crypto News

Here’s Why Bitcoin’s Price Is Suddenly Exploding

Bitcoin’s price has broken $15,000—breaking highs not seen since the 2017 bull run. But what’s propelling this momentum?

In brief

  • Bitcoin’s price continues to rise, and institutional investment is a major reason for this increase.
  • The world’s most popular stablecoin Tether has also played a significant role.
  • Bitcoin is now closer to $20,000 than $10,000.
Bitcoin Network (Image: MaxPixel)
Bitcoin Network (Image: MaxPixel)

Institutional investment is one of the biggest reasons why Bitcoin’s price keeps going up. Bitcoin has added nearly $5,000 to its price in the last month, has shot up $2,000 in the last two days and is currently at around $15,600—quite the ride.

In August and September of this year, MicroStrategy invested a total of $425 million in Bitcoin. One month later, Square followed suit, investing $50 million in the famed cryptocurrency. Also in October, PayPal announced features that allowed users to trade in Bitcoin, as well as Ethereum, Litecoin and Bitcoin Cash. All of these high profile moves have worked wonders for Bitcoin’s explosive growth.

“The recent flurry of institutional activity—particularly the involvement of a household brand like PayPal—has undisputedly impacted the price of Bitcoin as mainstream interest and trust in this form of investment often increases following such news,”

Antoni Trenchev, managing partner of Nexo, told Decrypt.

This wave of mainstream interest, dubbed by Jason Deane, Bitcoin analyst at Quantum Economics, as the “MicroStrategy Effect” has provided several highlight moments in recent months.

Read more: Decrypt