The Bitcoin community is making optimistic predictions for the end of November. So after several weeks of range, is it finally time for Bitcoin to start rising again in a frank way?
A short-lived improvement?
Last week, Bitcoin experienced a major pump for the first time in days. Indeed, the king asset of the crypto market regained and then exceeded the $20,000 mark last October 25. Since then, it has remained above this bar and familiar with that of $21,000.
BTC price is struggling to fetch higher. However, the crypto community seems optimistic about the future of bitcoin over the next few weeks.
CoinMarketCap allows the crypto community to vote and estimate the price of assets. For Bitcoin, voters predict that it will trade at 21 006 $ le 30 November 2022. A more than welcome slight increase in the gloomy climate that the crypto market has been experiencing since the beginning of the year. For now, it’s almost 19 000 votes have been counted.
The community estimates the price of Bitcoin in the same range for the end of the year with a price of 21,0002 dollars. Maintenance of Bitcoin above the 20,000 mark would be welcome in a difficult period for the asset.
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A monthly closing to watch?
At the time of writing these lines Bitcoin trades for $20,284 down 2% over the past 24 hours. It is still on an increase of almost 5.5% over the last 7 days. Over the month, the token also made good progress since it traded at $19,300 at the start of the month. Since 1is January 2022, the token is still down more than 56%. Indeed, it was trading at that time for $46,310.
On his side, Ethereum is trading at $1550, down more than 2.5% over the past 24 hours. The asset remains largely in the green over the last 7 days with an increase of more than 16.8%. Over this period, it quite clearly outperforms Bitcoin and seems to recover after the sell-out that followed the Merge.
Some trading experts like Rekt Capital believe that Bitcoin would send a signal bearish en monthly in case of close below $20,000. This would then be the second monthly close below this level after that of September. He specifies :
If Bitcoin breaks out of this range between the green and red bounds, we will surely see a bearish movement on the asset.
Bitcoin in a key zone (source: @rektcapital)
Watch out for Fed announcements!
If the community predictions are optimistic, albeit moderately, everything is still fragile for Bitcoin and the entire crypto market. The FED meets on 1is and November 2 next and could quickly be a game-changer.
Indeed, in the event of a stronger-than-expected rise in interest rates, markets both stocks and crypto could unscrew. It remains to be seen what the US Federal Reserve will decide in this context of recession. Will it continue this rise or will it calm things down at least for a few weeks?
For some observers like Robert Kiyosaki author of the best-selling “Rich Dad, Poor Dad” Bitcoin has become an interesting asset for many investors. Indeed, he explains that the latter can be considered as a protection in the context of rising interest rates that are even more detrimental for equities, bonds, or real estate.
Market sentiment is therefore slightly optimistic for the time being. CoinMarketCap Community Predictions Only Places Bitcoin A 21 000$ for the end of the month. Experts agree that the asset is still in a key area and must defend important supports if he does not want to visit new lows.
However, the lesser jolt in traditional markets could push Bitcoin south again.
To learn more about the explosion in the number of Bitcoin ATMs around the world in recent years, find our article here.
