Every digital asset or Fiat currency that is traded actively on the market level is being monitored actively using some metrics or the on-chain data, which navigates through the overall performance of the asset and its current value. At the end of the month, a monthly close for that specific asset is determined to make predictions about the opening of the asset for the next consecutive month. The monthly close for Bitcoin is at $60K, which is quite strong of a statement for the flagship cryptocurrency as it has never been able to close this handsomely ever before. But in terms of meeting the minimum demands regarding the longstanding analysis, Bitcoin should have closed at $63K instead.
This predictive closing balance for Bitcoin represents the further trading and performance of the cryptocurrency in the upcoming months. Had Bitcoin closed itself at the suggested price point, it might have been good for the flagship cryptocurrency in terms of a sincere boost in price and performance for the next consecutive months.
This way, chances of a bullish run accompanying the cryptocurrency increase profoundly. The monthly close for Bitcoin is a very sensitive matter as there are many crypto analysts out there who present with their own predictions regarding the monthly close as the founder of Plan B and inventor of stock to flow model was able to correctly guess the monthly close for Bitcoin in the month of August and September.
But the flagship cryptocurrency ending October at $60K is nothing short of marvelous and represents how mature Bitcoin has become in this short time and how its performance remains consistently well as the rest of the market is suffering. Also, altcoins are doing fine too, but out of the majority, Shiba Inu was appointed as the star of the week as it was able to surpass the overall market capitalization of Dogecoin. There is never so much certainty when it comes to the crypto market as it is an extremely volatile sector, but having the present data regarding monthly closes and whatnot makes it easier for investors and traders to make informed decisions.