Bitcoin’s price development was one of the brightest stories on the crypto market in October. While some crypto analysts currently have bearish projections for the major cryptocurrency, others have taken a positive stance for BTC’s performance in November and beyond.
A crypto analyst known by the pseudonym Mags on the X Platform (formerly Twitter) recently offered insight into Bitcoin’s price action, quelling bearish sentiments surrounding the pioneer cryptocurrency.
The current cycle witnessed its own Black Swan event
Bitcoin enthusiasts and analysts have been closely watching the coin’s price movements, with some skeptics expecting a significant drop to as low as $12,000. Mags, on the other hand said on X that Bitcoin’s recent slow but steady upward trajectory suggests a different story.
The crypto analyst stated that the current Bitcoin price action resembles a vertical accumulation phase, indicating the potential for a parabolic rise in the near future. Mags claimed that people waiting for a substantial price drop appear to be in disbelief.
Moreover, Mags suggested that most bearish projections are centered around the possible occurrence of a black swan. For context, a black swan event refers to an unpredictable incident that goes beyond what is normally expected of a situation and that may have serious consequences.
However, the analyst believes that the expected black swan event has already occurred. While the black swan in the 2021 bull cycle was the COVID-19 induced market crash, the current bull cycle witnessed the collapse of the FTX stock market as its own black swan event.
Following the collapse of FTX, Bitcoin’s price fell to a low of $15,500. Nevertheless, the price of BTC has gradually risen 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 bounce back from unforeseen setbacks.
Bitcoin price overview
The Bitcoin price has been on a tear in recent weeks, rising more than 25% in the past month. However, it’s worth noting that the major cryptocurrency has slowed slightly in recent days, with its price up just 1.9% over the past week.
At the time of writing, Bitcoin is valued at $34,765, reflecting a 1.5% price increase in the past 24 hours. Although the market leader has breached the $35,000 mark and traveled to a high of $35,700 over the past week, it has struggled to maintain momentum and stay above $35,000.
Bitcoin price at $34,758 on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView