October, a historically bullish month, witnessed one of the biggest crashes in history. On October 11th, Bitcoin (BTC) and altcoins experienced a major downturn, with Bitcoin closing the month down 3.6%, according to Coinglass data.
While hopes remain high for November—also known as a traditionally bullish month—Bitfinex analysts suggest that November may not provide a significant boost for Bitcoin either. In their latest report, they indicate that Bitcoin could break away from its historically strong price gains during November and instead move sideways.
Considering the current macroeconomic environment, the Federal Reserve’s uncertain monetary policy, and weakening investor confidence, Bitfinex analysts believe that Bitcoin is more likely to trade sideways in the short term throughout November.
A key level to watch is $116,000. Analysts emphasized that if Bitcoin fails to rise above this mark, even the most optimistic bulls may lose patience. Conversely, breaking above this level could spark a renewed upward trend. As the report states:
“Even Bitcoin bulls will become increasingly impatient if the $116,000 level cannot be recaptured. Long-term investors are selling, and if the price fails to decisively break out of this range, this level will become an increasing hurdle for the bulls.”
Despite the overall neutral and sideways outlook, Bitfinex analysts noted that Bitcoin still holds potential for growth. Factors such as more moderate inflation data or a dovish stance from the Fed could quickly shift market sentiment in a positive direction.
Additionally, news regarding ETF approvals or increased institutional interest could ignite a new wave of optimism and bullish momentum in the market. Improvements in global liquidity may also contribute to a positive trend in Bitcoin’s price, according to the analysts.
However, without such catalysts, Bitcoin is expected to consolidate over the near term.
*This is not investment advice.*
https://bitcoinethereumnews.com/bitcoin/how-will-bitcoin-btc-perform-in-november-after-octobers-disappointment-will-the-expected-rally-happen-bitfinex-analysts-explain/
