InstaForex

November 1, 2021

5 Important Things About Bitcoin (BTC) For Investors To Focus On This Week!

 Many started making expectations on the price of Bitcoin (BTC) after this crypto king recorded a price close above $ 60,000 for the October session.


Maybe BTC recorded a jump approaching $ 100,000, and maybe this asset has the potential to decline to the $ 50,000 level.


These are the details that investors need to be aware of for November and beyond.


October 2021, the best month since 2020


Bitcoin posted a closing price at a record $ 60,616.12, making it the highest monthly ending in its history.


The target for November - $ 61,000, according to analyst Michael van de Poppe is impossible.


When compared to predictions from Twitter account owner and PlanBTC.com founder, @100trillionUSD - approaching $ 98,000, it’s impossible.


At the time of writing, BTC is trading at around $ 62,000 after facing a price correction last night, making a gross return of 40% since December 2020.


BTC mining difficulty adjustment


A record of BTC mining difficulty adjustment has occurred 8 times. This makes it the most adjustment since 2018.


No wonder why it happened because it wanted to cover the ‘loss’ of crypto mining activity in China following the ban on crypto trading in October.


The difficulty is said to rise to 21.89 trillion this week, up 3 trillion from an all -time record high (ATH).


The same will happen with the hash rate.



Investors hodl


September is probably arguably the best time to buy during the dip for Bitcoin investors. So, in October saw the strengthening of the price of the crypto king.


The Kraken crypto exchange revealed a price spike to the $ 67,100 level recently did not see significant selling. This shows they are long -term investors, especially miners who have been hodl since 2020.


The balance of assets on the crypto exchange declined


Records show BTC balances on most exchanges have slipped to their lowest level in three years.


Currently, the exchange is reportedly controlling 2.47 million BTC. In contrast to the April 2020 record, over 3.1 million were in orderbooks.


According to Coinbase, BTC assets on their exchange have fallen by almost 20,000 and at the same time market players are making accumulations.


Tapering announcement from Federal Reserves


Federal Reserves announced tapering will take place as soon as possible in November.


The latest review from Federal Reserves expects a continued reduction in asset purchases as inflation rises around the world.


Meanwhile, Federal Reserves chairman Jerome Powell said the supply chain crisis would continue until next year.


This situation will increase investor interest in Bitcoin as a deflationary asset.


It is no exaggeration also if the inflow from institutional investors towards Bitcoin investment products recorded an increase including an increase towards Bitcoin ETFs.