bitcoin‘s price performance was one of the brightest stories in the cryptocurrency market in the month of October. While some crypto analysts currently have bearish projections for the leading cryptocurrency, others have maintained a positive stance for btc‘s performance in November and beyond.
A crypto analyst known by the pseudonym Mags on platform
The current cycle witnessed its own black swan event
bitcoin enthusiasts and analysts have been closely monitoring the coin’s price movements, with some skeptics anticipating a significant drop to as low as $12,000. Magazines, on the other hand, said in X that bitcoin‘s recent slow but steady upward trajectory suggests a different narrative.
The crypto analyst postulated that bitcoin‘s current price action resembles a vertical accumulation phase, hinting at the potential for a parabolic rise in the near future. Mags said people expecting a substantial drop in prices seem incredulous.
Additionally, Mags suggested that most bearish projections focus on the possible occurrence of a black swan event. For context, a black swan event It refers to an unpredictable incident that goes beyond what is normally expected of a situation and has potentially serious consequences.
However, the analyst believes that the expected black swan event has already occurred. While the black swan event in the 2021 bull cycle was the COVID-19-induced market crash, the current bull cycle witnessed the collapse of the FTX exchange as its own black swan event.
As a result of the FTX collapse, the price of bitcoin plummeted to $15,500. However, the price of btc has gradually increased and is back up more than 120% since the market crash. This steady price increase reflects the robust nature of the cryptocurrency and its ability to recover from unforeseen setbacks.
bitcoin Price Overview
The price of bitcoin has increased in recent weeks, rising more than 25% in the last month. However, it is worth noting that the leading cryptocurrency has slowed down a bit in recent days, with the price increasing by just 1.9% in the last week.
At the time of writing, bitcoin is valued at $34,765, reflecting a 1.5% price increase in the last 24 hours. Although the market leader surpassed the $35,000 mark and hit a high of $35,700 last week, it has struggled to maintain momentum and stay above $35,000.
<img decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/axQ2X054/" alt="bitcoin price” width=”2174″ height=”1442″ loading=”lazy”/>
bitcoin price at $34,758 on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
