The crypto market has been up by 5% since the start of the month. Optimism is growing among traders as they are hopeful of better performance from Bitcoin and Ethereum this month. However, the bears are expecting a revert to the 2018/19 pattern.
With both factions of traders having significant gains during this time. Will we have a Moonvember or Dumpvember? Here are some factors to consider;
The most valuable cryptocurrency is up by more than 3% since the start of the month. The first day of the month was not filled with as many activities as many would expect. The candle representing that day was a doji as there was almost little or small gap between the open and the close of the days.
While predicting price actions last month, we noted that the highest increase BTC had is 219% and the lowest decrease is -31%. The king coin gains an average of 32.57% every October. Last month, Bitcoin went up by more than 4% – peaking at $67,000 and seeing a low of $43,291.
It is easy to conclude that we may expect a continuation of the uptrend throughout November as we note that the most valued coin gains 52% on average. The highest increase the largest coin by market cap had during this time is 470%, while the lowest loss is estimated at -32%.
How high will bitcoin go this month? Based on the average profit the coin enjoys every month, we may expect at least a 20% increase in the next 30 days.
A prediction last month stated that the highest the coin surge is by 7%. A defiance of the established pattern may result in Ether hitting $3,700 with eyes set on the $4k resistance. The prediction came true as we noticed that ETH surged above the set mark.
November is not a favorable month for Ethereum as it loses more than 2% on the average. The highest the coin gained is 58.7%, while the lowest it dipped was 43% during the eleventh month.
Based on the recent price actions and the growing scarcity of ether, we may conclude that this month will be bullish – possibly a 20% increase.