Bitcoin (BTC) rallied sharply to over $ 47,000 today, in a remarkable show of strength just hours after the monthly close.
BTC’s monthly close coincides with PlanB’s forecast
Data from Cointelegraph Markets Pro and TradingView show that BTC / USD first returned to $ 44,000 on Thursday, retreating slightly and then ramping up to $ 47,700.
For the second consecutive month, the September candle closed almost exactly at the level predicted by the creator of the Stock-to-Flow PlanB model.
“August> $ 47,000, September> $ 43,000. Next targets: October> $ 63,000, November> $ 98,000, December> $ 135,000. “
Next targets: Oct> 63k, Nov> 98k, Dec> 135k pic.twitter.com/C45nfQkQSC
– PlanB (@ 100trillionUSD) October 1, 2021
With the $ 63,000 now in focus for October, many expect Bitcoin to regain lost ground with the start of Q4.
“September was bad, October is going to be great, November is going to be great, December is going to be great,” summed up Cointelegraph collaborator Michaël van de Poppe, suggesting to his Twitter followers to “buy the fix.“
Van de Poppe highlighted the historical performance of several months each year, and as previously reported by Cointelegraph defined September as a month “boring.“
Others, on the other hand, are more cautious. In the most recent market update, crypto trading firm QCP Capital said it will remain cautious in its approach to the market in general.
“Overall, we struggle to find directional conviction amidst the macro and market turmoil. Our strategy in Q4 will be to remain rather neutral and versatile,”Summarized the executives.
The macro factors at stake are the reconfirmation of anti-crypto measures in China and two issues in the United States, legislation and the potential approval of a Bitcoin ETF.
On Friday, the government vote for the infrastructure bill, originally scheduled for Monday, was again postponed after a separate vote avoided a government blockade.
Ether is back above $ 3,000
Meanwhile, altcoins have followed Bitcoin’s rise overall with several daily gains of 10% in the top 10 by market cap.
Related: Bobby Lee: Bitcoin’s highly anticipated ‘FOMO rally’ could push price to $ 200,000
At the time of writing, all cryptocurrencies in the top 10 are in profit – a nice contrast to the recent price action.
Ether (ETH), the leading altcoin, reached $ 3,220 with a growth of 7%.