Forecasting Bitcoins November Price Based on Historical BTC Performance
Bitcoin (BTC) has kicked off November by breaking through the $70,000 psychological barrier after maintaining levels above this mark for a few days. With the start of this new month, Finbold has delved into Bitcoin’s past performance to offer a projection for BTC’s price by November 30.
Looking back, Bitcoin ended October with gains of 10.76%, which is nearly half of the average and median historical returns for the month dubbed as “Uptober.” Data from Coinglass indicates that November typically sees higher average historical returns compared to October, although the median gains are lower.
Historically, November has yielded an average gain of 42.78% for Bitcoin since 2013. Out of eleven years, seven have been positive, with a median return of 7.12% from the opening to the closing of the month.
The best-performing November was in 2013, with an impressive gain of 449.35%, followed by 2017 and 2020 with gains of 53.48% and 42.95%, respectively. Conversely, 2018 saw a bear market with a loss of -36.57% in November, making it the worst-performing year followed by 2019.
As of the latest data, Bitcoin is currently trading at $69,495, slightly below the opening price of $70,272 for November. The cryptocurrency has shown strength by breaking out of downtrends in both high and low time frames, successfully retesting the LTF.
Based on historical returns, Bitcoin could potentially trade between $75,275 and $100,334 by the end of November. This projection is calculated using the median and average historical returns if Bitcoin maintains its current momentum.
Although this analysis should not be considered in isolation, Bitcoin’s historical returns provide valuable insights into what traders and investors can anticipate as the month progresses. It is important to note that predicting Bitcoin’s price with precision is challenging due to the extreme volatility and uncertainty in the market. Investors should conduct thorough research and consider various factors before making any financial decisions.
