October has just ended, and other parts of the Bitcoin and cryptocurrency markets have already entered a new November. In fact, October has proven to be an incredibly bullish month compared to the special currency, with monthly closing in green
October has just ended, and other parts of the Bitcoin and cryptocurrency markets have already entered a new November. In fact, October has proven to be an incredibly bullish month compared to the special currency, with monthly closing in green. People's attention is now focused on the new month and the potential it may bring to digital assets.
October is a good month compared to special currency
Looking back at October, it was one of the best months so far in 2023. The price of BTC started at around $28000 and eventually closed above $34000. Overall, the return on Bitcoin in October was 28.5%.
Compared to previous months, only one month has passed October, which is January. Bitcoin also benefited from the green price closing in September, although the increase was only 3.99%.
2023 has also proven to be a year of good returns, with 6 out of the past 10 months achieving profitability. August, May, and July were the only months with significant declines, at 11.2%, 7.1%, and 4.04%, respectively. In February, it closed slightly lower by -0.01%.
What is the BTC price for November
On the first day of November, Bitcoin prices had already begun to decline, but it was still too early for digital assets to rebound. But historically, especially over the past five years, Bitcoin has performed poorly in November.
In 2022, the infamous FTX crash caused the price of Bitcoin to drop from over $21400 to below $16000, a decrease of 16.1% that month. The same happened the previous year in 2021, when the cryptocurrency bull market began to end. The closing price for the month was -7.12%.
The difference in 2020 is that Bitcoin rose 42.9% in November, marking the beginning of a bull market. But 2023 is more similar to 2019 because they were both the year before the halving of Bitcoin, and November suffered losses in 2019.
If Bitcoin maintains a similar November trend to 2019, then the digital asset may reverse its October gains this month. A 17% drop will mean a return to the level of $28000, which will evaporate the current value by approximately $6000.
However, as is well known, Bitcoin can go against historical trends in various situations, so trends may change. For example, in 2015, the year before Bitcoin halved in 2016, by the end of November, Bitcoin prices had risen by 19.8%. This indicates that nothing in Bitcoin is static.
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