As the month of October comes to a close, the cryptocurrency market managed to revive the hopes of investors and traders alike with some quick gains in the middle of the week.
The total cryptocurrency market capitalization crossed the $1 trillion mark on October 26, bitcoin (BTC), Ethereum (ETH) and most of the altcoins that made record gains in Schedule daily. Thus, the green color of the daily and weekly charts encouraged investors to return to the digital currency market, which led to a significant increase in trading volumes and liquidation of short positions.
However, as with everything else, the gains, highs, and bullish sentiment proved to be limited. BTC price action quickly fell prey to consolidation, and the rest of the market followed suit. Therefore, at the time of writing this article, the total cryptocurrency market cap has fallen to $990.39 billion.
Thus, the sudden gains for bitcoin and the entire cryptocurrency market opened the door to bullish speculation for the month of November. So here are the top 3 cryptocurrency predictions for November 2022, based on the overall movement of digital assets:
Bitcoin price at $30,000
First Crypto Prediction for November 2022: Bitcoin is down 70% from its all-time high of $69,000 in November 2021. Almost a year after BTC hit a new all-time high, many in the market are anticipating a price rebound in action.
Thus, the recent weekly gain of 8% freed Bitcoin price action from the momentum of the narrow range it had been trading in for about a month. Data It is from Messari that BTC has finally gained nearly 16% from its June 2022 low.
Despite the uncertainty that exists in the short term, Data From CryptoQuant provided a healthy long-term on-chain perspective on major cryptocurrencies. One of the long-term bullish trends is the continued downward trend in BTC reserves, whileUSDC Continue to be posted.
Regardless, the Schedule Bitcoin weekly price showed a deviation from the long-term downtrend in effect since March 2022. In addition, the Bitcoin RSI also appeared to deviate from the long-term downtrend in effect since November 2022.
The price breaking above the $23,900 mark during November could fuel an upside move towards the $30,000 resistance.
However, recent results from Matrixport predict that the BTC price could start to recover to $63,000 by March 2024, when the cryptocurrency will see a halving (known as halving) in mining rewards. This prediction was made by Markus Thielen of Matrixport, who bases his assumption on the fact that BTC could repeat the bullish price action seen during the run-up to the halving in July 2016 and April 2020.
In the two periods leading up to the halving, bitcoin price started gaining ground 15 months before the halving. According to this hypothesis, BTC could start its bullish momentum next month.
Ethereum at $2,000
Second Cryptocurrency Prediction for November 2022: Investors are already eyeing the Ethereum price as the asset is up nearly 20% in the past week. Thus, ETH managed to break above the crucial $1,500 resistance, and is trading at $1,534 at the time this article is planned.
In the past year, ETH has managed to overtake Bitcoin in terms of gains; However, throughout 2022, ETH has quietly followed in the footsteps of BTC. However, in the past week, Ethereum has posted higher gains than Bitcoin and most of the top 100 cryptocurrencies by market cap.
ETH in particular faced some resistance at the $1,554 mark, after which its path to the $2,000 mark might be clear.
As the long-term MVRV starts to reverse and exchange exits notice significant pullbacks, ETH price may be preparing for a breakout. Ethereum’s advance above the $1,750 mark could confirm its upward move above $2,000 in November.
Next altcoin season
Third Cryptocurrency Prediction for November 2022: Altcoins have been on the back foot for most of this year, with Bitcoin’s consolidation paving the way for deeper losses in the market. Although there are a few medium altcoins posting occasional highs, not much action has been seen for altcoins.
However, the situation may change for the better, as the price of Bitcoin increases. The altcoin market cap, in particular, appears to be recovering from the low of $900 billion.
Although the Altseason indicator is still not showing signs of an altcoin season, it has tested a major support barrier.
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