Key Points
- If history repeats itself, Bitcoin could reach impressive new ATHs this month.
- BTC is now trading above $70,000.
Historical data from 2013 until now shows that, generally, November has been a good month for Bitcoin. If BTC’s rally continues, we might see new price heights for the coin this month.
Average Bitcoin Return in November is Over 40%
As pointed out by crypto YouTuber and founder of CryptoSea trading solutions, Crypto Rover, the average Bitcoin return in November is over 42%, considering data from 2013 until now.
In a post via X, he made a bold prediction claiming that if history were to repeat itself, we might see BTC reaching even $100,000 by the end of November.
According to past data, BTC’s most significant surge in November was in 2013 when the price surged by more than 449% for the month. But, considering more recent data, the biggest gains that BTC saw during November were in 2017 at 53% and in 2020, at 42%.
Apart from 2018, 2019, 2021, and 2022, BTC had impressive price gains in November, leading traders to call the month “Moonvember.”
This year, BTC kicked off the month with a slight price drop caused by multiple factors, but this is not a reason to become pessimistic, considering October’s trajectory, for instance.
Although BTC debuted October with price drops to $60,000 levels, towards the end of the month, the coin surpassed $73,500 seeing a price increase of over 10% for the month.
Bitcoin’s Recent Price Trajectory
After closing October in the green, BTC has recently experienced price drops to $69,000 levels for more reasons. Yesterday, it was reported that Iran is planning to attack Israel from the Iraqi territory.
Also, yesterday Microsoft and Meta posted weaker-than-expected results, and even though they beat expectations, the rising cost of AI caused their stock dump, taking down the entire market.
It’s worth noting that the Core PCE in the US was 2.7% YoY compared to expectations of 2.6% and this could affect the Fed’s upcoming decisions on future rate cuts.
The US unemployment rate came out at 4.1% in line with expectations and the previous value of 4.1%.
However, today, Bitcoin’s price surged above $71,000 after lower prices around $69,000 earlier.
At the moment of writing this article, BTC is trading above $71,000, after shaking out panic sellers.
Despite the recent price drop recorded by Bitcoin, it’s important to highlight that more factors could affect the price trajectory this month. The US elections are scheduled for next week and the US Fed could decide to cut more rates. Also, BTC has strong bipartisan support in the US, and among BRICS nations.
Although BTC kicked off the month with a price drop, it’s safe to say that just like in October, this month will continue to see price rallies for the coin fueled by multiple factors including inflows in BTC ETFs, and more.
We can’t say for sure if BTC can reach Crypto Rover’s $100,000 target this month, but the prediction still stands for 2025.
