Bitcoin experienced a rally of almost 27% throughout October, surpassing $35,000 for the first time in over a year. Various analysts and AI shared their Bitcoin price predictions for November: Bullish or bearish trend? During the months of November, the price of Bitcoin has experienced mixed (but mostly bullish) returns.
The tenth month of the year is about to conclude with a significant increase in the price of Bitcoin (BTC). Despite the optimism, it is important to unravel: Has a new bull market begun or is a deep correction coming?
The price of Bitcoin began the month of October trading at $27,122 and at the time of publication, it stands at $34,219, according to data from CoinGecko. In this way, BTC accumulates an approximate increase of 27% in October.
What Can Bitcoin Await in November?
Taking Coinglass data into consideration, since 2013, the price of Bitcoin has experienced mixed (but mostly bullish) returns in the months of November.
In the years 2018, 2019, 2021 and 2022, BTC experienced drops of -36.57%, -17.27%, -7.11% and -16.23%, respectively. In contrast, from 2013 to 2017 and, in 2020, the price of Bitcoin closed the month in the green.
Bitcoin Price Prediction for November 2023: What Do Analysts Say?
The recent rally experienced by the BTC price was driven by fake news, hype and speculation about a possible approval of the first Bitcoin spot ETF in the United States. This move took Bitcoin above $35,000 for the first time in over a year.
Various analysts, such as Michaël van de Poppe, showed their optimism and recently declared that the Bitcoin bull market had begun. In a recent post on X (formerly Twitter) the analyst evaluated the recent Bitcoin price correction, highlighting that it is relatively superficial. Later, he added the following:
“If we get a deep correction in the markets, it would be a sign of weakness, but every dip is getting bought up quickly as FOMO and momentum is back. Things change fast. Buy the dips and wait.”
On the other hand, trader and analyst Jamie Coutts also shared his enthusiasm about the current BTC price rally, arguing that “What Bitcoin price action has done this week from a technical standpoint is the equivalent of the breakout above the $10,500 resistance in July 2020.”
At the same time, he highlighted that “The price is confirming the bull market regime, which I called in December 2022 based on my liquidity and market structure analysis.”
Despite the optimism and hype experienced in the last week, other analysts do not present such bullish positions for the price of Bitcoin. For example, Benjamin Cowen recently exposed that Bitcoin investors could experience a gigantic correction. Another analyst, Rekt Capital, stated in X that “Bitcoin is doing something completely different than what it did in both 2015 and 2019 at this same point in the cycle.”
Another analyst, known as PROFIT BLUE, also issued a warning call regarding the current Bitcoin rally, stating that “If Bitcoin’s weekly candle closes below $31,000, you can start praying that it stays between $10,000 and $12,000.”
What Does Artificial Intelligence Say?
Bard, Google’s AI chatbot, points out that the price of Bitcoin for November could range between approximately $33,900 and $41,900. However, it is widely recognized, and highlighted by Bard, that the cryptocurrency market is very volatile and any prediction is not 100% accurate.
By Leonardo Pérez
