On Wednesday, 10 November 2021, Bitcoin once again hit its new all-time high price reaching almost $69k. As could be easily expected, the event has already gathered a lot of hype around BTC and pushed other prominent cryptocurrencies, including , to skyrocket as well. After setting the new record, Bitcoin has slightly dropped and has been at around $65,000 at the moment of writing.
Of course, it is not the first Bitcoin’s ATH record. BTC has already hit its all-time high price three times this year only. Although, it should be mentioned that 2021 has been remarkably eventful for the Satoshi Nakamoto’s currency as well as other digital coins.
Bitcoin’s price has been growing and falling dramatically ever since its launch in 2009. The currency saw a few significant price bubbles in 2011, 2013 and 2015. However, many people consider that the first most important Bitcoin’s ATH happened in 2017 when the BTC’s price jumped from around $1,000 in March to $20,089 by the end of the year. Next time the coin was able to reach this record again only after 3 years, at the end of 2020. Finally, in 2021 the price of BTC has been growing higher and faster than ever. Bitcoin skyrocketed to $64,000 in April, surpassing this record in October and now aiming at $70,000. So, what should be expected from BTC going “to the Moon”?
Undoubtedly, many people take these price increases positively. The bulls predict that Bitcoin’s tendency to move forward is unquestionable, and even though it occasionally pulls back, the BTC’s price is only going to grow. The current price bubble can stand as a proof of this theory. The people who promote it encourage others to stock up on Bitcoin and other crypto coins in order to make profit in the nearest future. At the same time, there are others who think that this sudden Bitcoin surge is not a good sign at all, and that big bearish moves should be expected.
Why do opinions differ so much, and how are they justified? Let’s look at what some of the leading experts in the crypto industry have to say about the news.
“Bitcoin Dips Are Transitory!”
Some people got worried by the sudden drop in Bitcoin’s price after it reached its ATH. However, many suggest that these retests are temporary and indicate only a short pullback before new surges. It is easy to track those transitory dips in BTC’s price history as it has happened many times already. One of the crypto analysts that writes under the pseudonym Nunya Bizniz on Twitter, published a BTC chart with its full price history in an attempt to prove that all Bitcoin’s setbacks so far have been temporary.
https://twitter.com/Pladizow/status/1458798337176395778
Pumping Up to $75,000?
Another Twitter Bitcoin analyst GalaxyBTC also agrees with the bulls and makes his own daring predictions for the next couple of weeks. The analyst suggests that the BTC pullback is a necessary move for it to pump even harder. GalaxyBTC anticipates that Bitcoin might hit its new ATH of approximately $75k in the middle of November already.
https://twitter.com/galaxyBTC/status/1458697576337883141
Actually, one of this expert’s predictions has already turned out to be true:
https://twitter.com/galaxyBTC/status/1457063069180387333
Bullish Trend Continues
I have recently confirmed in one of my latest analyses for , that I also believe in the BTC bullish trend:
“If we look at the on-balance volume (OBV) momentum indicator, we’ll see the OBV line heading up and the price trending up too. A convergence like this indicates that the bullish trend is gaining momentum.”
Although later I added that it’s best to look at other factors too to be able to see and predict the whole BTC picture:
“However, OBV alone cannot provide a clear picture of what is likely to follow so it’s crucial to consider other indicators and the news background.”
Is It the Right Time to Buy or to Sell?
Despite so many optimistic predictions about the Bitcoin’s future jumps, some experts believe that the recent BTC surges don’t really mean anything, and the price is just as likely to fall down as to go up. These price swings are very common in cryptocurrencies. The finance expert from Humphrey Talks, a very well-known crypto blogger Humphrey Yung, mentioned this in of his TikTok videos: “I know that these things are super volatile, like some days they can go down 80%.”
Then he warned that if someone believes in a long-term investment, it’s best not to pay too much attention to short-term fluctuations: “If you let your emotions get too much into it then you could sell at the wrong time, or you might make the wrong decision... You stress out about it, and I don’t think that’s a healthy way to approach it.”
Key Is Not to Panic
Just like the previous expert, Bill Noble, CTA at Token Metrics, warns against panicking regarding short BTC pullbacks and encourages crypto investors to be patient: “Volatility is as old as the hills, and it’s not going anywhere. It’s something you have to deal with… Don’t panic and puke. If you keep your positions small, you can try to tolerate the volatility”.
He confirms that cryptocurrencies are still very volatile and unpredictable so it might be smart to ignore some of the market moves and focus on the long-term goals instead.
To conclude, it is clear that even though the experts’ opinions regarding the latest Bitcoin ATH differ, most of them tend to be optimistic. The astronomic surges Bitcoin has seen this year made bulls even more confident about the future growth of BTC’s price. They see Bitcoin hit even more ATHs in the end of 2021 and anticipate that the currency might go into 2022 at the price, perhaps, over $100k.
At the same time, there are people who believe that Bitcoin might be going down from this point, and it’s best not to buy any more coins. For most experts, though, it is obvious that the general Bitcoin’s tendency to grow will continue. The question is, how far will the retests go and how long will they last before we see another BTC ATH?
