Bitcoin Ends October On A High Note, What To Expect For BTC Price In November
November 01 2023 - 7:00PM
NEWSBTC
The month of October just drew to a close and Bitcoin and the rest
of the crypto market has ushered in the new month of November. With
October proving to be an incredibly bullish month for Bitcoin with
a green monthly close, eyes are now on the new month and what
possibilities it could hold for the digital asset. October Was A
Good Month For Bitcoin Looking back to the month of October, it has
been one of the best months so far for 2023. The price of BTC
started out at around $28,000 and closed out the month above
$34,000. In total, the return for Bitcoin in the month of October
was 28.5%. Related Reading: Cardano Bearish Signal: Dormant ADA
Whales Are On The Move In comparison to the previous months, only
one month has surpassed October and that was the month of January.
Bitcoin also benefited from a green price close in the month of
September, albeit with meager gains of 3.99%. 2023 has also turned
out to be a year of good returns with six months out of the last 10
months closing in the green. The months of August, May, and July
were the only months with significant losses of 11.2%, 7.1%, and
4.04%, respectively. While February closes out with small losses of
-0.01%. BTC retraces after flash surge | Source: BTCUSD on
Tradingview.com How November Is Looking For BTC Price The first day
of November is already starting out with losses for the price of
BTC but it is still early for the digital asset to pick back up.
Historically though, especially over the last five years, Bitcoin
has recorded poor performance in the month of November. In 2022,
the infamous FTX crash took the Bitcoin price from above $21,400 to
below $16,000, and the month ended with 16.1% losses. The same was
the case for the previous year in 2021 when the crypto bull market
began to wind down. That month ended up with a red close of -7.12%.
2020 was different in the fact that Bitcoin saw a 42.9% increase in
November, which was the year the bull market began. But 2023 is
more closely similar to the year 2019 because they’re both the year
before the Bitcoin halving takes place and November suffered losses
in 2019. Related Reading: Shiba Inu Burn Rate Nosedives Following
7,700% Jump, What Happened? If Bitcoin keeps to the November trend
similar to 2019, then it is possible that the digital asset will
reverse its October gains this month. A 17% decline would mean a
fall back to the $28,000 level, which would wipe around $6,000 off
its current value. However, Bitcoin has been known to buck
historical trends in various cases, so there could be a change in
the trend. For example, in 2015, the year before the 2016 Bitcoin
halving, Bitcoin price saw a 19.8% increase by the time November
was over. This shows that nothing is set in stone when it comes to
Bitcoin. Follow Best Owie on X (formerly Twitter) for market
insights, updates, and the occasional funny tweet… Featured image
from iStock, chart from TradingView.com
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