Bitcoin set for record monthly close with BTC price still below ‘worst case scenario’

Bitcoin (BTC), with just hours remaining until the critical monthly close, delivered new retests at $60,000 support on October 31.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

Monthly close hangs of a thread record

TradingView and Cointelegraph Markets Pro data showed that there was little price movement on Sunday. BTC/USD closed below the worst case scenario for October.

Analysts waited eagerly to see if the month’s end could bring about a turnaround, and prove that the worst case theory was correct for the third consecutive month.

PlanB, the father of stock-to-flow, was the creator of it. He correctly predicted the $47,000- and $43,000 finals for August and September, respectively.

Although it is unlikely that October will be a success, the achievement of finishing October at $60,000 would be significant.

If #Bitcoin closes tomorrow’s week above $60k it will be the third consecutive week. It would also mark the first ever *MONTHLY* close above 60k.
— Benjamin Cowen (@intocryptoverse) October 30, 2021

Cointelegraph has previously pointed out that Sundays tend to see a weaker performance by Bitcoin this month. Monday contrasts the mood with a showing of strength, especially into the U.S. open.

TechDev, popular analyst and trader, summarized the day’s events and emphasized the importance of November.

BTC/USD 1-month candle chart (Bitstamp). Source: TradingView

Shiba Inu’s run in altcoin slowdown ends

Altcoins made copycat moves in Bitcoin’s absence, while the market capitalization of the top ten cryptocurrency markets suffered modest losses over 24 hours.

Related: Bitcoin sees a third week close above $60K, as Ethereum drives new altcoin market record

Shiba Inu, the star of the week, fell 13%, but still posted weekly gains of 45%.

Sentiment mirrored the lack of upside. The Crypto Fear & Greed Index has shown declining “greed”, in recent days.

As of Oct. 31, the Crypto Fear & Greed Index has been updated. Source: Alternative.me

https://cointelegraph.com/news/bitcoin-set-for-record-monthly-close-with-btc-price-still-below-worst-case-scenario