How Will November End For the Bitcoin Rate?
After falling to $53,524 on Friday, Bitcoin has returned to the $57,000 level. BTC is trading at $57,096 on Monday at the time of writing.
Popular trader and analyst at Rekt Capital noted that the 21-week exponential moving average (EMA) at $52,500 provided support as a “time-tested bull market indicator.”
Despite local highs of $58,300, Bitcoin has yet to make a final breakout as resistance at $60,000 remains strong enough. Previous attempts by the bulls to push the price of Bitcoin above $60,000, after losing this level as support, remain in vain.
Rising funding rates, however, signal a return to optimism about a robust bounce in the price of BTC – and the risks involved.
“All it took was a + 7% Daily candle to dissolve all fears and worries of a new BTC Bear Market,” added Rekt Capital.
According to him, the BTC/USD rate is clearly improving by the end of the month.
Last week saw strong volatility across the board, with Bitcoin and altcoin prices following stocks, oil and other asset prices in blitz sales.
Asian markets on Monday extended their downtrend, with a 1-2% drop at the time of writing.
The bulls hope that developments in the cryptocurrency market will develop similar to the scenario of March 2020, when the outbreak of coronavirus negatively affected traditional markets, but in a completely opposite way affected the cryptocurrency market.
A Material Scientist analyst advised those who were greatly intimidated by a pullback in the price of Bitcoin to look at the price movement chart over a slightly longer period.
According to the latest data from Material Scientist, the price of BTC should now hold above $50,000.
According to him, even if a new rollback is taking place now, it is very modest in comparison with the previous ones.
Popular Twitter analyst TechDev believes the next few weeks will be “very indicative” for Bitcoin as it follows the path of 1970s gold.
He is confident that if this trend continues, Bitcoin will face a sharp jump in price to $280,000 by mid-February 2022.
He noted that Bitcoin price movement in November went beyond all forecasts, but in December the BTC price should be between $70,000 and $110,000.
A peak of around $150,000 could be reached as early as mid-December, or $225,000 in mid-February.
What the price of Bitcoin will be at the end of November?
In a survey conducted by Twitter account @Bitcoin, most of the nearly 50,000 respondents predicted that BTC / USD will surpass $60,000 by the end of November.
35% chose the highest possible price in the survey, another 25.7% predicted a November closing price of between $55,000 and $60,000.