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Bitcoin is aiming for a new high: What prices we’ll see in November
October this year turned out to be one of the best months in bitcoin history. The number one cryptocurrency rose by almost 40%, and the closing price of the month showed a new high. But most experts believe that the best times for investors are yet to come and argue only one thing – whether bitcoin will go into a correction before the new surge or continue to update price records.
Bitcoin: the new bar is $98 thousand
Several news items contributed to bitcoin’s success. First was the US inflation data, which turned out to be the highest in the last 30 years (5.4% year-on-year) in September. This caused investors to flee back into protective assets. Thus, gold gained 2% in one day after the publication of the inflation report, coming close to $1,800 again.
Some of the funds went into the crypto market: bitcoin is gradually taking over the role of an asset used for protection during a period of strong price growth.
“Biden and the U.S. federal government need inflation to prevent a new depression. Inflation undermines the incomes of the poor. Inflation makes the rich even richer. Biden and the feds are corrupt. Be prepared for an economic collapse and a new depression. Do the smart thing. Buy gold, silver and bitcoins,” wrote Robert Kiyosaki, author of the bestseller “Rich Dad, Poor Dad” commenting on the situation.
JPMorgan, a major U.S. bank, believes bitcoin is increasingly competing with gold for investors’ attention.
“The resurgence of inflation fears among investors in September and October 2021 appears to have renewed interest in using bitcoin as a hedge against inflation,” said JPMorgan strategist Nikolaos Panigirtzoglu.
The bank’s analysts updated their forecast for the number one cryptocurrency and believe it could rise to $146,000 in the long term, which is about 130% higher than the current price (bitcoin traded at $63,000 on Wednesday).
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