Bitcoin cryptocurrency is expected to grow significantly in November

Cryptocurrency experts believe that November is not the worst time for bitcoin BTC $98,497.44 Bitcoin 5.31% Market capitalization $1.95 trillion VOL. 24 hours $2.43 billion . Over the past 12 years, the coin has spent the last month of fall in regression only 5 times. Between 2012 and 2017, bitcoin showed growth every year, which is the best result on record.

Analysts explain that bitcoin largely repeats the behavioral patterns of previous cycles. November 2023 falls within the period of 166−136 days before halving. In the cycle after the halving of the market leader in 2016, BTC spent this time period mostly in a sideways movement until the coin entered the growth phase.

The blue curve is the movement of bitcoin after the 2016 halving, and the green curve is the movement after the 2020 halving (current cycle). The vertical line is the actual halving. Comparing the green curve with the previous ones allows us to understand whether BTC repeats the patterns of previous cycles. The period corresponding to November 2023 is highlighted with a red rectangle. Source: GlassNode

According to the analytical tracker CoinMArketCap, at the time of writing, bitcoin is trading at $ 34,403. The total number of coins circulating on the market amounted to $ 671.9 billion, and traders made daily trading deals worth $ 17.4 billion, an increase of more than 27%. The dominance of the main cryptocurrency in the market has slightly decreased to 52.7%.

As a reminder, crypto trader and analyst Rekt Capital does not rule out BTC falling to $ 20,000 before halving. The expert based his forecast on a comparison of the cryptocurrency’s current behavior with the coin’s movements before the halving in May 2020. It is worth noting that on the eve of the event, amid the outbreak of the coronavirus pandemic, the crypto market experienced a significant collapse.