The Bitcoin price performance was one of many brightest tales within the crypto market within the month of October. Whereas some crypto analysts presently have bearish projections for the premier cryptocurrency, others have maintained a constructive stance for BTC’s performance in November and past.
A crypto analyst identified by the pseudonym Mags on the X (previously Twitter) platform lately provided an perception into Bitcoin’s worth motion, quelling bearish sentiments across the pioneer cryptocurrency.
The Present Cycle Witnessed Its Personal Black Swan Occasion
Bitcoin fanatics and analysts have been carefully monitoring the coin’s worth actions, with some skeptics anticipating a significant drop to as low as $12,000. Mags, alternatively, said on X that the current sluggish however regular upward trajectory of Bitcoin suggests a special narrative.
The crypto analyst posited that the present Bitcoin worth motion resembles a section of vertical accumulation, hinting on the potential for a parabolic surge within the close to future. Mags claimed that individuals ready for a considerable worth decline appear to be in disbelief.
Moreover, Mags recommended that almost all bearish projections are centered across the potential incidence of a black swan occasion. For context, a black swan event refers to an unpredictable incident that’s past what is often anticipated of a scenario and has probably extreme penalties.
Nonetheless, the analyst believes that the anticipated black swan occasion has already occurred. Whereas the black swan occasion within the 2021 bull cycle was the COVID-19-induced market crash, the present bull cycle witnessed the FTX exchange collapse as its personal black swan occasion.
On account of FTX’s collapse, Bitcoin worth plunged to as little as $15,500. Nonetheless, BTC’s worth has been on a gradual ascent and is again up by greater than 120% for the reason that market crash. This regular worth rise displays the cryptocurrency’s strong nature and its capacity to bounce again from unexpected setbacks.
Bitcoin Worth Overview
The Bitcoin worth has been on a tear prior to now weeks, rallying by greater than 25% within the final month. Nonetheless, it’s price noting that the premier cryptocurrency has somewhat slowed down prior to now few days, with solely a 1.9% worth improve prior to now week.
As of this writing, Bitcoin is valued at $34,765, reflecting a 1.5% worth bounce prior to now 24 hours. Though the market chief breached the $35,000 mark and traveled to a excessive of $35,700 prior to now week, it has struggled to take care of momentum and keep above $35,000.
Bitcoin worth at $34,758 on the every day timeframe | Supply: BTCUSDT chart on TradingView
Featured picture from iStock, chart from TradingView