Will the first cryptocurrency return to renewed highs and why November is considered a favorable period for the growth of the digital asset market
At the end of October, Bitcoin has risen in price by more than 40%. The first cryptocurrency managed to update the historical maximum, which was set in May, and exceed $ 67 thousand.On November 1, the coin is traded at $ 61.1 thousand, and its capitalization is $ 1 trillion, according to CoinGecko. Topplabs.org experts have predicted whether Bitcoin will be able to continue to renew highs in November.
In November, one can expect Bitcoin to update its historical maximum and reach the level of $ 70 thousand, says Viktor Pershikov, a leading analyst at 8848 Invest. In his opinion, the implementation of this scenario is supported by the growing volumes of purchases of the first cryptocurrency by large market participants, as well as a decrease in the number of bitcoins on crypto-exchanges to a three-year low.
“Based on on-chain metrics, there is currently no increase in open interest among retail traders. This means that the current growth of bitcoin was formed at the expense of large wallets, "- said the analyst.
When the cryptocurrency forms a clear upward impulse, retail players will also join the growth, capable of driving the asset price even higher, Pershikov explained. He also added that the current market dynamics presupposes a steady growth of the most capitalized assets until mid-December.
Historic good month
At the moment, Bitcoin is in the fifth and final wave of growth, says Andrey Podolyan, CEO of the Cryptorg platform. According to him, within this wave, the asset is able to renew its historical maximum and reach the $ 75 thousand mark. Confidence in the implementation of this scenario is given by November, which is a historically good month for the growth of bitcoin and the entire market, Podolyan added.
The expert also predicted that impulse growth may be observed on the crypto market in the coming month, especially among altcoins.
In the next month, bitcoin will try to pass the range in the region of $ 67 thousand, says Anton Kravchenko, CEO of Xena Financial Systems. He is confident that with a high probability this attempt will be successful, which will provoke an active phase of cryptocurrency growth with sharp movements.
"A deep correction in November at the moment looks unlikely, most likely we will be near the current levels until we overcome the historical maximum," concluded Kravchenko.