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Will Bitcoin Peak in November?

According to the Cycle Repeat Chart on "Buy Bitcoin Worldwide" the Bitcoin price will peak this cycle on November 13, 2021 at approximately $147,000 per coin. This chart uses the price movements of the past 1,458 days and repeats those movements again to predict the price each day. These are only estimates, and there are plenty of voices predicting all sorts of variances on this model.

Here are some things to consider when looking at Bitcoin's price fluctuations:

Will the Cycles Continue?

This chart only really works if the bitcoin price action mimics the previous bitcoin cycles. Some notable bitcoin bulls such as Michael Saylor have stated that they believe the previous bitcoin cycles will no longer affect the price like they did in the past. Saylor used the analogy that trying to predict the bitcoin price by looking at the previous cycles is like trying to predict the score of a basketball game based on the teams history when Godzilla is now playing for one of the teams.

Likewise, on-chain analyst Willy Woo has suggested that this maybe either the last bitcoin cycle, or even the beginning of a super cycle, similar to what Saylor described earlier.

Are You Holding Long Term? (HODL)

What are your financial goals? If you want to make some money in the short run, you may want to consider taking profits along the way. Some suggest Dollar Cost Averaging out of an asset to take profits along the way as it increases in value. However, maybe you are a HODLer and you have determined that you truly believe in the asset for the long term and do not need to convert your crypto to cash for the time being. If that is you, congrats and good luck. There are plenty of tax benefits to this strategy since you would be avoiding capital gains taxes until you actually spend the crypto or sell it for cash.

There are all types of investors in the crypto-space, and we need to acknowledge that each entity is bringing their own set of goals and time horizons. If you have a long time horizon, perhaps HODLing is for you, but if you need to see some gains in the short term, you may have a different strategy.

Any information found here should not be considered to be financial advice. Please do your own research or consult a financial advisor before making investment decisions.


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