Bitcoin (BTC), which failed to experience the expected rise in October and November, known as the historically bullish months, experienced its worst months in many years.
According to Coinglass data, the average change in Bitcoin prices for November today was -16.75%.
Looking at average monthly change rates alone, this rate is at its lowest level since -17.27% in November 2019. The record low for average monthly change rates was seen in 2018 (-36.57%).
While Bitcoin is heading towards its worst November since 2019 at these rates, some analysts say this decline should be considered a healthy correction before a possible rise next year.
At this point, LVRG research director Nick Ruck said that although November was negative, this correction points to an opportunity for investors to start buying again.
“The market has largely been cleared of overleveraged and weak projects, allowing new long-term investors to re-enter the market ahead of a promising new year.”
December May Also Be a Fall for Bitcoin!
Analyst Sumit Kapoor, on the other hand, stated that this November is on track to be the worst November for Bitcoin since 2019 and that this situation may continue in December.
“Normally, November is one of Bitcoin’s strongest months.
But with just a few days left and a slow Thanksgiving weekend approaching, it’s on track to be the worst November since 2018.
“Every time Bitcoin closed November in the red, December also closed December in the red.”
Bitcoin, which has seen a rapid rise of over 10% in the last 7 days, continues to trade sideways above $91,000.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/bitcoin-btc-is-experiencing-its-worst-november-in-six-years-bad-news-for-december-too-heres-why/
