In October, Bitcoin surged 30% to $34465, laying the foundation for a potentially interesting November. Historical data suggests that this month's leading cryptocurrencies may have exciting prospects
In October, Bitcoin surged 30% to $34465, laying the foundation for a potentially interesting November. Historical data suggests that this month's leading cryptocurrencies may have exciting prospects. However, the market seems to be consolidating, with Bitcoin facing resistance at $34759.37. Despite attempting to break through, bulls still struggle to maintain momentum, suggesting bearish effects and the possibility of retesting soon.
November: Bitcoin's Historical Highlights
From a historical perspective, November has always been a shining moment for Bitcoin, with gains second only to April. The fourth quarter (Q4) stood out by providing the most substantial returns, increasing people's expectations for next month. November has achieved remarkable results, and I believe Bitcoin enthusiasts will be thrilled. This will be a changing month, is it the 'mover' of Bitcoin? As November approaches, the cryptocurrency community eagerly awaits the next chapter, preparing for potential milestones.
2023: Year of ETF Speculation
Despite regulatory pressure and Fed rate hikes, Bitcoin remains strong and trading has remained flat for several consecutive months. However, the price fluctuations of Bitcoin are influenced by various other factors, from banking crises to institutional interests. ETFs dominated the central stage in the third and fourth quarters, while the upcoming halving of Bitcoin added to the suspense. The rumors of ETFs have repeatedly triggered significant increases.
What is the potential for a strong start and a closing in November?
The upward trend in October pushed Bitcoin above $30000, putting it in a favorable position at the beginning of November. Bitcoin's current value is $34461, setting its highest weekly closing price in 78 weeks. Looking back on the past decade, Bitcoin's performance has been remarkable. The fourth quarter, especially November, has consistently performed outstandingly and achieved remarkable growth. The average monthly return rate in the first quarter was 6.20%, 30.49% in the second quarter, 4.21% in the third quarter, and an astonishing 93.38% in the fourth quarter, highlighting that the last quarter was a time for Bitcoin to shine brightly. If the Federal Reserve does not take action, we can expect the market to continue to recover this month.
Many experts also predict that the sideways trend of Bitcoin will reverse and prices may rise again. Only time can tell us the true range of Bitcoin performance this month. Will we see the price increase to $35000?
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