What will happen to Bitcoin in November?

Bitcoin pleased investors with growth in October. Members of the crypto community are wondering whether the coin will be able to continue its upward movement next month.

Experienced experts shared their forecasts in an interview with BIC.

Typical November for Bitcoin

History shows that November is not the worst time for Bitcoin. Over 13 years of observation, the coin closed the month with a fall only 5 times. History also shows that in previous years, BTC rose in November if the previous two months were positive. In September and October 2024, Bitcoin rose in price.

How the price of Bitcoin has changed. Source: bitcoinmonthlyreturn

Bitcoin forecast for November 2024

Rafik Mamin, CEO of Minestream, believes that the coming weeks will be decisive for Bitcoin.

“Now the main cryptocurrency has already crossed the $70,000 mark. It is likely that by the end of November we will see either a further increase of 7-8% from the current price, or a rollback to the levels of early October – about $59,000, which implies a correction and I am more inclined to this price.”

BTC, according to the expert, can choose a direction depending on the outcome of the US presidential elections, which are scheduled for November 5. Trump’s victory, according to Rafik Mamin, “could become a catalyst for a sharp increase in the price of cryptocurrency.”

Alexander Peresichan, CEO of TEHNOBIT, is inclined to continue the growth of BTC in November. Investors, in his opinion, should focus on the levels of $75,000–80,000.

“Bitcoin is likely to remain on an upward trajectory in November 2024, thanks to a number of factors driving capital flows into cryptocurrencies. The main drivers will be a decrease in inflation in the United States and a possible continuation of the Fed’s key rate cut, which makes high-risk assets such as Bitcoin more attractive to investors,” Peresichan explained his Bitcoin forecast for November.

Ryan Lee, Principal Analyst at Bitget Research, joined the discussion. He believes that Bitcoin has every chance of updating its absolute maximum this month. In his opinion, the growth prospects for BTC are indicated by the results of technical analysis. The positive dynamics of the cryptocurrency, Ryan Lee is sure, will also be supported by the presidential elections in the United States, the influx of crypto-ETF funds and the Fed’s movement towards lowering the key interest rate.

Mike Lvov, director of PR and communications at EMCD, in turn, believes that by the end of the year investors will see Bitcoin at $80,000.

Polina Demchuk, CEO of TradeSanta, is also expecting a new high from BTC. She believes that Mike Lvov’s forecast of Bitcoin at $80,000 could be realized in November.

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Source: Cryptocurrency

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