The month of October simply drew to an in depth and Bitcoin and the remainder of the crypto market has ushered within the new month of November. With October proving to be an extremely bullish month for Bitcoin with a inexperienced month-to-month shut, eyes at the moment are on the brand new month and what potentialities it might maintain for the digital asset.

October Was A Good Month For Bitcoin

Wanting again to the month of October, it has been among the finest months thus far for 2023. The value of BTC began out at round $28,000 and closed out the month above $34,000. In whole, the return for Bitcoin within the month of October was 28.5%.

Compared to the earlier months, just one month has surpassed October and that was the month of January. Bitcoin additionally benefited from a inexperienced value shut within the month of September, albeit with meager beneficial properties of three.99%.

2023 has additionally turned out to be a yr of fine returns with six months out of the final 10 months closing within the inexperienced. The months of August, Might, and July had been the one months with vital losses of 11.2%, 7.1%, and 4.04%, respectively. Whereas February closes out with small losses of -0.01%.

BTC retraces after flash surge | Supply: BTCUSD on Tradingview.com

How November Is Wanting For BTC Value

The primary day of November is already beginning out with losses for the worth of BTC however it’s nonetheless early for the digital asset to select again up. Traditionally although, particularly over the past 5 years, Bitcoin has recorded poor efficiency within the month of November.

In 2022, the notorious FTX crash took the Bitcoin value from above $21,400 to under $16,000, and the month ended with 16.1% losses. The identical was the case for the earlier yr in 2021 when the crypto bull market started to wind down. That month ended up with a purple shut of -7.12%.

2020 was totally different in the truth that Bitcoin noticed a 42.9% improve in November, which was the yr the bull market started. However 2023 is extra intently much like the yr 2019 as a result of they’re each the yr earlier than the Bitcoin halving takes place and November suffered losses in 2019.

If Bitcoin retains to the November development much like 2019, then it’s doable that the digital asset will reverse its October beneficial properties this month. A 17% decline would imply a fall again to the $28,000 stage, which might wipe round $6,000 off its present worth.

Nonetheless, Bitcoin has been identified to buck historic developments in varied instances, so there may very well be a change within the development. For instance, in 2015, the yr earlier than the 2016 Bitcoin halving, Bitcoin value noticed a 19.8% improve by the point November was over. This reveals that nothing is ready in stone in the case of Bitcoin.