10 Days Over $60k

Can it continue?

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Market Analysis

Target Price Range: $58,000-67,000

Bitcoin has closed over $60,000 for 10 consecutive days (since October 15th) and Monday is proving to be another bullish day.

$58,000-67,000 remains the price range to watch. During the past 10 days, $66,930.39 is the high BTC price and $65,992.84 is the high daily closing price.

Bitcoin has now held above the $60k level for going on twice as long as it did back in mid April. All time high territory looks more established than last time.

Inflation Hedge

Crypto markets are rising along with Bitcoin. There are bullish headlines everywhere. Let’s touch specifically on inflation.

“Inflation” is making the rounds.

Bitcoin has long been viewed as a hedge against inflation. Twitter and Square CEO Jack Dorsey alluded to impending “hyperinflation” this week and Michael Saylor had the above response.

It’s an age-old rationale for Bitcoin—a hedge. Saylor and Dorsey aren’t alone.

Famed investor Paul Tudor Jones gave a CNBC interview last week and doubled down on his stance on Bitcoin and crypto. He views crypto as a “very good inflation hedge” and said that “it would be my preferred [hedge] over gold at the moment.” Jones is bullish on Bitcoin in an increasingly digital world. He also believes that it’s preferable to hold physical Bitcoin rather than invest via an ETF.

The ProShares Bitcoin futures ETF and Valkyrie Bitcoin ETF launched last week and more are likely coming. Everyone is looking for Bitcoin exposure.

My Investments

Crypto holdings aside, I also own shares in Coinbase. I dollar cost averaged into a position between April and August bringing my cost basis to $258.86.

As of market close Monday, that position is up 25.49%. Publicly traded companies like Coinbase, Tesla, and MicroStrategy (not to mention any publicly traded mining companies) stand to benefit from a continued bull run in Q4 2021 and Q1 2022.

My Crypto

Paid subscribers get to track my crypto portfolio. I give them a full look at what I’m holding and where I’m holding it.

The majority of my portfolio is made up of Bitcoin. You can read more in last week’s email by subscribing but I’ll mention that BTC represents 66.3% of my current crypto portfolio. Other cryptocurrencies I’m holding include ETH, ADA, and RVN.

What to Watch

I want Bitcoin to reach two full weeks of daily closes above $60,000. The $60k level is critical to establish if we hope to see a run-up to $100,000 in Q4.

Massive FOMO will permeate both traditional and crypto markets if Bitcoin breaks upward of $67,000 and into prices above $70,000. I’m waiting to see if $74,000 is possible in the near term and, if so, I believe that opens up a shot at $100,000 by the end of the year. If that happens, you’re probably not ready for it. I wrote a piece back in August about preparing for a $100,000 Bitcoin and the sentiments remain true today. Give it a read.

READ: Prepare for $100k

Final Thoughts

We’re in the last week of October.

That means the October close is coming and it could very well end up being the highest monthly close to date... March and April both closed above $57,000 so, in a way, that’s the price to beat. No matter what though, Bitcoin appears poised to continue its steady rise from 2021 lows.

Recent Monthly Closes:

  • March—$58,918.83

  • April—$57,750.18

  • May—$37,332.85

  • June—$35,040.84

  • July—$41,626.20

  • August—$47,166.69

  • September—$43,790.90

  • October—$???

September wasn’t quite what we expected but the first week of October made up for that. Now, a strong end to the month could set up a big holiday season.

Wide Price Range Remains:

  • $30,000-67,000

$30,000 support has held up when tested this year and we likely have support near $40,000-42,000 and possibly at $50,000. It’s up to $60,000 next to show us whether or not it too can be a support level.

So far, so good.

But, anything can happen in crypto. Enjoy your week ahead and remember to think about Satoshi Nakamoto on Halloween.

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$62,786.41—BTC Today

I am not an investment or financial advisor. All opinions expressed are mine alone. Read the full DISCLAIMER on the About page.