Bitcoin price performance was one of the brightest stories in the cryptocurrency market in October. While some cryptocurrency analysts currently have a bearish outlook for the leading cryptocurrency, others have maintained a positive stance towards Bitcoin’s performance in November and beyond.

The cryptocurrency analyst known by the pseudonym Mags on X (formerly Twitter) recently provided insight into Bitcoin’s price action, calming bearish sentiment around the leading cryptocurrency.

The current cycle has had its own black swan event

Bitcoin enthusiasts and analysts are closely monitoring the coin’s price movements, with some skeptics predicting a significant drop of up to $12,000. On the other hand, Bitcoin’s recent slow but steady upward trajectory suggests a different narrative, Mags on X said.

The cryptocurrency analyst hypothesized that Bitcoin’s current price action resembles a vertical accumulation phase, indicating the possibility of a parabolic rally in the near future. People waiting for a big price drop appear to be in disbelief, Mags claimed.

Furthermore, Maggs noted that most of the bearish forecasts revolve around the possibility of a black swan event. For context, a black swan event refers to an unpredictable incident that goes beyond what is normally expected from a situation and potentially has serious consequences.

However, the analyst believes that the expected black swan event has already occurred. While the black swan event in the 2021 bull cycle was the coronavirus-induced market crash, the current bull cycle has seen the FTX exchange collapse as its own black swan event.

As a result of the FTX collapse, the price of Bitcoin fell to $15,500. However, the price of Bitcoin has been on a gradual rise and is back up more than 120% since the market crash. This steady rise in prices reflects the robust nature of the cryptocurrency and its ability to recover from unexpected setbacks.

Bitcoin price overview

The price of Bitcoin has been on a tear in recent weeks, rising more than 25% in the past month. However, it is worth noting that the leading cryptocurrency has slowed somewhat in the past few days, with a price increase of only 1.9% in the past week.

As of this writing, Bitcoin is worth $34,765, reflecting a 1.5% price jump over the past 24 hours. Although the market leader breached the $35,000 mark and traveled to a high of $35,700 last week, it struggled to maintain momentum and stay above $35,000.

Bitcoin price at $34,758 on the daily timeframe | Source: BTCUSDT chart on TradingView

Featured image from iStock, chart from TradingView