History Doesn’t Repeat Itself, but it Often Rhymes
Our market view:
Historically November has been the best performing month for BTC, which was not the case for this year.
Positive sentiment from October continued at the beginning of November. On 10 November, the total market capitalization reached $3 trillion for the first time. After a substantial two-month run, the crypto market started cooling off. In general, Altcoins outperformed Bitcoin in the previous month.
While historically November has been the best performing month for BTC, this year will be marked as an anomaly. Bitcoin recorded a loss of -6.25%, whereas the broader crypto market dropped by -2.55% in November.
Our short-term view has been primarily neutral since the recent decline. Bitcoin has dropped below the important support of $53k and could continue to trade sideways, between $40k and $53k levels, for some time, which is the main reason for our neutral short-term market view.
DISCLAIMER: This article is for informational and discussion purposes only and does not constitute a marketing message, an investment survey, an investment recommendation, or investment advice. The article was prepared exclusively for a better understanding of market dynamics.
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