A bull market is not likely to happen any time soon, miniaturization There is a strong period of healthy consolidation in the space when it comes to Bitcoin price Pushing force. After October encouragement, the main assets have been exceeded 50 thousand dollars Tuesday. With the bullish momentum set for its first full week, we brought up some interesting insights that revealed that the Bitcoin bull market will take another half year into the second stage!
Bitcoin price midway bull market?
Popular Bitcoin analysts and influencers are hoping for a massive performance in the fourth quarter on the asset price’s momentum. Interestingly, according to PlanB, who created Stock to Flow (S2FX) Model Most recently shared metrics on the chain. He said the original would take at least another six months for the second match.
If we clearly notice the graph, a deeper color overlap occurred during 2013, causing the asset’s price to nearly go up. 500%. In 2017, after the color gradient, the price of BTC almost went up 450% Continuing the same trend in 2020, the price has gone up 550%.
Hence, the analyst expects the same pattern to be repeated, and predicts that the major asset can thrive 135 thousand dollars end of the year. From there the asset can take another big step.
Therefore, if history repeats this uptrend it still has four months to go and the range may extend this time. In addition to the on-chain analysis, Bitcoin-related promotions and events take place in November and December. Thus, this may affect the price momentum at the beginning of 2022.
Read also: Will Bitcoin price decouple from the S&P 500? Here’s great news for the crypto space!
Bitcoin events are underway!
Bitcoin Smart Contracts!!
The Dfinity Foundation, Owner Computer Internet Protocol (ICP) It was announced on September 22 that the protocol is integrating with Bitcoin. Well, the network brings the capabilities of smart contracts to the Bitcoin blockchain.
after upgrade, ICP smart contracts You will gain access to Bitcoin liquidity, and the currency will gain a powerful new smart contract functionality, without the need for reliable, insecure and cumbersome bridging services. This event is scheduled for late 2021, and this could be a major catalyst for the price action.
Bitcoin Taproot Upgrade Date Set to November!
Exactly two months from now, Bitcoin will undergo one of the significant upgrades to its token since SegWit. The event will improve network privacy, scalability, and implement smart contract capabilities on Bitcoin.
This event is planned for November, and thus could be another supporter of the asset’s price momentum.
Bitcoin ETFs:
The Securities and Exchange Commission (SEC) has extended deadlines for regulatory decisions Bitcoin ETFs or not. including Global X Bitcoin Trust, The government agency suspended four requests. The decision is due to be made in November and December. There is a 75% chance that a government entity Bitcoin ETF will be approved. Thus, the most valuable asset could form a new ATH with a series of events scheduled for late 2021.
ALSO READ: It looks like October will be above BTC price as Texas and Miami embrace Bitcoin!
