Bitcoin’s Price Is Consolidating — The Next Liftoff to a New ATH Is Scheduled for November 14, 2021 | by Sylvain Saurel | Nov, 2021

Sylvain Saurel

Or maybe it will happen before that because the fundamentals are so good.

The last two days have seen Bitcoin take a new All-Time High (ATH) above $68K around $68.5K. As announced at the beginning of November 2021, this month will probably have to be renamed Moonvember as the Bitcoin price is set to go much higher.

In the meantime, Bitcoin has corrected slightly to retest around $66.5K. Nothing to be alarmed about. It’s even something healthy and logical:

Bitcoin price is consolidating — Sylvain Saurel

The current consolidation should allow the market to catch its breath for the rest of November 2021, which is already looking exceptional.

The next important date for Bitcoin is November 14, 2021. This is the day that the SEC is due to give its verdict on the VanEck Spot Bitcoin ETF. While Bitcoin ETFs have already been approved in October 2021, they are based on the futures market, which is a different thing.

VanEck’s spot market-based ETF would be nothing less than the first ETF of its kind for the Bitcoin market.

It would therefore be different from other ETFs that come validate in America and based on the Chicago Mercantile Exchange (CME). A spot market-based ETF could well be the catalyst for even stronger institutional adoption in the coming weeks and months.

While SEC Chair Gary Gensler has repeatedly admitted to being rather opposed to a spot-based Bitcoin ETF, there are rumors that approval is possible due to institutional expectations for such a product.

So everyone is looking forward to the November 14, 2021 deadline. If VanEck’s ETF were to be accepted, others would follow by the end of the year as at least three others are being evaluated for approval by the SEC.

In addition to this SEC response, Bitcoin is also going to have an important week next as the network prepares for its first big update in over four years with the Taproot upgrade. The rollout was validated after getting a consensus of over 90% of the Bitcoin network’s miners.

The Taproot upgrade will not have a direct impact on the price of Bitcoin, but it will confirm that the Bitcoin system continues to move in the right direction. Taproot aims to improve the privacy, efficiency, and smart contract capabilities of the network. So this will be something that will have extremely beneficial effects over time by creating new opportunities for the entire Bitcoin ecosystem.

Finally, to these factors should be added, as always, inflation which is still at an extremely high level in America and which continues to push investors towards Bitcoin, which is increasingly seen as the best hedge against the great monetary inflation that we have been experiencing for months.

This great monetary inflation is one of the two great forces that will make Bitcoin inevitable in the months and years to come. So the best thing to do at this time is to remain patient and let your choice of opting for Bitcoin to pay off.

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