Bitcoin Experienced Its Weakest Correction in 2021 in November
Bitcoin certainly experienced a correction in November. On November 10, it reached a record high of about $69K, after which it dropped about 17%.
Compared to the April-July correction of roughly 53%, Bitcoin’s November correction appears to be its weakest.
In its November 29 Week Onchain report, analytics provider Glassnode indicated that the current correction is a common practice for Bitcoin hodlers and may end soon.
Some believe that on the cryptocurrency market prices may go up in the last 5 trading days in December and 2 trading days in January, which traders call the “Santa Claus Rally”.
December 2020 saw a 47% increase in BTC prices for the month, and December 2017 saw an 80% rise to a new all-time high at the time. Both were in bull markets as they are today.
At the time of writing, BTC is worth over $ 57k, so a Santa Claus rally similar to last year’s could push prices up to $ 80k by the end of the year.