The month of October has just come to an end and bitcoin and the rest of the cryptocurrency market ushered in the new month of November. With October proving to be an incredibly bullish month for bitcoin with a green monthly close, eyes are now on the new month and the possibilities it could hold for the digital asset.
October was a good month for bitcoin
Looking back at the month of October, it has been one of the best months so far for 2023. btc Price bitcoin” rel=”nofollow”>It started at around $28,000 and closed the month above $34,000. In total, bitcoin‘s performance in the month of October was 28.5%.
Compared to previous months, only one month surpassed October and that was the month of January. bitcoin also benefited from a green price close in the month of September, although with slim gains of 3.99%.
2023 also turned out to be a year of good returns, with six months of the last 10 months closing in green. The months of August, May and July were the only months with significant losses of 11.2%, 7.1% and 4.04%, respectively. While February closes with small losses of -0.01%.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/11/Bitcoin-ends-October-on-a-high-note-what-to-expect" alt="Tradingview.com bitcoin Price Chart” width=”2650″ height=”1758″ loading=”lazy”/>
btc retraces after flash surge | Source: BTCUSD on Tradingview.com
How November looks for the btc price
The first day of November already begins with losses for the btc price, but it is still early for the digital asset to recover. However, historically, especially in the last five years, bitcoin has recorded poor performance in the month of November.
In 2022, the infamous FTX crash took the price of bitcoin from over $21,400 to below $16,000, and the month ended with losses of 16.1%. The same thing happened the previous year in 2021, when the cryptocurrency bull market began to decline. That month ended with a red close of -7.12%.
2020 was different in the fact that bitcoin saw a 42.9% surge in November, which was the year the bull market began. But 2023 is more similar to the year 2019 because both are the year before the bitcoin halving and November suffered losses in 2019.
If bitcoin maintains the November trend similar to that of 2019, then it is possible that the digital asset could reverse its October gains this month. A 17% drop would mean a drop back to the $28,000 level, which would erase around $6,000 from its current value.
However, bitcoin is known to go against historical trends in several cases, so there could be a change in the trend. For example, in 2015, the year before the 2016 bitcoin halving, the price of bitcoin saw a 19.8% increase as November ended. This goes to show that nothing is set in stone when it comes to bitcoin.