The month of October simply drew to an in depth and Bitcoin and the remainder of the crypto market has ushered within the new month of November. With October proving to be an extremely bullish month for Bitcoin with a inexperienced month-to-month shut, eyes are actually on the brand new month and what potentialities it may maintain for the digital asset.
October Was A Good Month For Bitcoin
Trying again to the month of October, it has been the most effective months to this point for 2023. The value of BTC began out at round $28,000 and closed out the month above $34,000. In complete, the return for Bitcoin within the month of October was 28.5%.
Compared to the earlier months, just one month has surpassed October and that was the month of January. Bitcoin additionally benefited from a inexperienced worth shut within the month of September, albeit with meager features of three.99%.
2023 has additionally turned out to be a yr of fine returns with six months out of the final 10 months closing within the inexperienced. The months of August, Could, and July had been the one months with important losses of 11.2%, 7.1%, and 4.04%, respectively. Whereas February closes out with small losses of -0.01%.
BTC retraces after flash surge | Supply: BTCUSD on Tradingview.com
How November Is Trying For BTC Value
The primary day of November is already beginning out with losses for the worth of BTC however it’s nonetheless early for the digital asset to select again up. Traditionally although, particularly over the past 5 years, Bitcoin has recorded poor efficiency within the month of November.
In 2022, the notorious FTX crash took the Bitcoin worth from above $21,400 to beneath $16,000, and the month ended with 16.1% losses. The identical was the case for the earlier yr in 2021 when the crypto bull market started to wind down. That month ended up with a crimson shut of -7.12%.
2020 was totally different in the truth that Bitcoin noticed a 42.9% improve in November, which was the yr the bull market started. However 2023 is extra intently just like the yr 2019 as a result of they’re each the yr earlier than the Bitcoin halving takes place and November suffered losses in 2019.
If Bitcoin retains to the November pattern just like 2019, then it’s potential that the digital asset will reverse its October features this month. A 17% decline would imply a fall again to the $28,000 degree, which might wipe round $6,000 off its present worth.
Nevertheless, Bitcoin has been identified to buck historic tendencies in varied circumstances, so there could possibly be a change within the pattern. For instance, in 2015, the yr earlier than the 2016 Bitcoin halving, Bitcoin worth noticed a 19.8% improve by the point November was over. This reveals that nothing is about in stone on the subject of Bitcoin.