October was a good month for Bitcoin. It was able to recover from a fall that lasted several months. Analysts suggest that the growth of quotations will continue in November, as halving is expected to appear next year. Now the bulls are on the rise, as it is evidenced by the growth of bitcoin. However, in social networks, the point of view, according to which the bulls will be exhausted by the end of November, gradually begins to dominate.
According to many traders, the jump was caused by the fact that the market did not expect negative news that could reduce the value of the coin. In addition, after the statements by the Chinese authorities to support the blockchain and cryptocurrencies in general, cryptocurrency platforms received a positive boost. Earlier, many expressed opinions that the PRC would not allow bitcoin and blockchain to develop, but apparently the Chinese authorities decided to become leaders in that area.
Bulls hope that November will bring them good income, since halving will still lead to increased demand for foreign currency. Although at least 55% of exchange participants believe that the most likely scenario will be a gradual decrease in the value of bitcoin. 45% are interested in the bullish scenario lasting not only the whole November, but also the whole next year or 6 months.
Unexpected events in the cryptocurrency sphere can swing the situation in any direction. After a statement by a number of EU countries that they intend to introduce strict rules for the crypto market and prevent the Libra project from working on their financial platforms, the mood of a number of investors has worsened, although not critically.
If the bulls continue to push and there is no bad news, then the chances that Bitcoin will reach $ 13,000 in November are very likely. On the other hand, if the bears, taking advantage of the indecision of investment funds, push the coin down, it can drop to a value of $ 8,000.
Given that the mood is still positive on cryptocurrency platforms, bulls are more likely to continue their policy, but it will be difficult to say what will happen in the end. Perhaps a slight adjustment of the course will occur, although there are such analysts who believe that the price of bitcoin can shoot up to $ 18,000. There is little chance of this, but in the cryptocurrency market it is possible, as well as the fact that the value of bitcoin can drop sharply and a long-term bearish trend will resume.
As a result, we can say that in November there will not be an overly heated fight between bulls and bears, but each side will try to strengthen its position in order to maintain dominance.
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