Bitcoin (Bitcoin) The bulls are betting on a month of solid BTC price movements, as November usually sees a strong rise in the US stock market.
The data shows that November is the best month for the S&P 500 index since 1985.
Intense competition in November 2021
In terms of Bitcoin’s gains in 2021, “Uptober” is already the largest month, and stocks are likely to become a catalyst for further increases in “Moonvember”.
In the past 35 years, the median increase in the S&P 500 index in November was only slightly more than 2%—the only month to achieve these median returns.
At the same time, more than 70% of the years have had positive returns, and Bitcoin’s history similar.
In November last year, the price of BTC/USD was higher than at the beginning, with only two years of exceptions: 2018 (-36.5%) and 2019 (-17.2%).
On the contrary, there was an increase of 43% in 2020, which opened the door for a rematch in line with expectations.
As reported by CointelegraphAs Bitcoin approaches its peak in the fourth quarter, these forecasts are a volatile but ultimately very favorable month.
“The highest monthly closing price in history. Congratulations to Bitcoin and congratulations to all of you,” optimistic TechDev Summarize November 1.
“Like every previous cycle, we are now moving towards our second monthly RSI peak. Far from reaching the peak. Trust these indicators.”
TechDev is focusing on the counterfeit retracement of the highest sequence in 2017 or the retracement of gold in the 1970s, both of which tend to make BTC/USD well above US$100,000.
Good morning bull.
Next month #Bitcoin.
About to find out which way we are going. pic.twitter.com/qbvPIvWLC2
— TechDev (@TechDev_52) November 1, 2021
Bumps on the road between stocks and bitcoin
In recent months, as cryptocurrencies have begun to move out of the macro, the relationship between Bitcoin and traditional markets has begun to be under scrutiny.
As the Fed prepares to make new comments on reducing asset purchases, traders’ resolve may be tested as early as this week.
For Bitcoin, this month’s decision on whether to allow the establishment of regulated exchange-traded funds (ETFs) in the United States may take price movements away from forecasts—especially if they see rejections.