Key Takeaways:
- Bitcoin is entering the month of November in a steady pace hovering near $60,500
- Crypto backers expect the month to be defined by a historically strong move to the upside
Bitcoin Begins November Quietly but Hopes are High
Bitcoin officially set foot in the month of November. Now, into its first month as a teenager, celebrating its 13th year, the orange coin has plenty of ground to conquer. First, the price of bitcoin is looking into the month with high hopes from the crypto community.
Leaving “Uptober” with the biggest monthly gain of $17,000 and a closing price of $60,900, BTC needs fresh power for “Moonvember”. In other words, during October bitcoin gained about 40% to its price and logged its highest-ever monthly close.
This month, analysts are eager to see how the leading token performs as predictions are strongly positive. In more detail, historically, the price of bitcoin has finished November in the green with the exception of just two years.
More precisely, in November 2018, the original cryptocurrency declined 36%. In addition, during the same month in 2019, bitcoin fell 17%.
Expectations for a Strong November are Backed by Strong Support
All other Novembers since 2009 have saw the price of bitcoin finish up. For example, in 2020, the flagship token accelerated 43% during the month of November. For this November, expectations are even higher with some crypto fans looking at $100,000 for a single bitcoin. That said, crypto researchers and traders are keen to see whether bitcoin will beat its performance for the same month a year ago.
Furthermore, many new institutional players have now endorsed the bitcoin bull run. Among them Wall Street’s investment banks, hedge funds, and professional money managers.
Against this backdrop, many expect this month to be strong for bitcoin. So far, after the first trading day of November, bitcoin’s price floats relatively unchanged near $61,500 per coin. Still, crypto proponents are confident the rally will continue as they welcome more players into the market.
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