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Bitcoin BTC/USD is the largest cryptocurrency token in market capitalization and has shown no signs of stopping.
Despite any sideways moves, BTC keeps the markets on edge, and the odds are still here for it to gain in the short term.
Bitcoin at an upward trend
On October 15, we discussed why Bitcoin was worth buying, where we predicted that the value could increase to around $62,000.
Bitcoin is currently at 72 relative strength index (RSI).
According to PlanBTC, an RSI of under 30 would mean a buy within normal markets, while an RSI of over 70 would indicate a hard sell.
However, in the world of cryptocurrencies, specifically Bitcoin, RSI rarely goes below 45 and can go as high as 95 because BTC has a continuous upward trend.
The area of interest has been surrounding this year’s two highs, including the one at $63,729 ahead of the Coinbase debut and the latest one that brought the token as high as $67,276.
It is believed that the next major area of difficulty for BTC will not hit until the token approaches the $85,000 range. This is due to the fact that the token has historically sparked a sustained upside.
Should you invest in Bitcoin (BTC)?
On November 1, Bitcoin (BTC) had a value of $61,482.
To get a better perspective as to how high the token can climb now, we will be going over its performance in October and comparing it to it’s all-time high value.
On October 1, Bitcoin had its lowest point of the month at $43,414.
On October 20, the BTC token experienced its new all-time high with a value of 67,276.
Here we can see that from October 1 to October 20, the token increased in value by $23,862 or by 54%.
However, from it’s all-time high point to the value on November 1, the token has dropped in value by $5,794 or by 8%.
With that in mind, this isn’t really a huge drop for BTC, as it has the potential to climb back up and over the $62,000 barrier.
According to data from IntoTheBlock, BTC saw $268.39 billion in transactions greater than $100,000 in the last seven days.
Additionally, throughout that same span of time, it saw $11.17 billion in total exchange inflows as well as $15.92 billion in total exchange outflows.
With all of this in mind, we can expect Bitcoin (BTC) to increase in value to $65,000 by the end of November. Bitcoin is still worth investing in, as it has huge potential for growth.