As October draws to a close, the cryptocurrency market has managed to revive the hopes of investors and traders alike with some quick mid-week gains.
Total cryptocurrency market cap tested the $ 1 trillion threshold on October 26, with Bitcoin (BTC), Ethereum (ETH), and most altcoins posting record gains on their daily chart. The green of the daily and weekly charts therefore prompted investors to return to the digital currency market, causing trading volumes and liquidations of short positions to skyrocket.
However, as with everything else, the gains, gains and bullish sentiment proved limited. BTC’s price action quickly fell prey to consolidation and the rest of the market followed suit. So, at the time of writing, the total market cap of cryptocurrencies has dropped to $ 990.39 billion.
The sudden gains of Bitcoin and the entire cryptocurrency market have thus opened the door to bullish speculation for this month of November. So here are the 3 major crypto predictions for November 2022, based on the macro movement of digital assets:
Bitcoin price at $ 30,000
The first cryptocurrency prediction for November 2022: Bitcoin has fallen 70% from its all-time high of $ 69,000 reached in November 2021. Almost a year after BTC hit a new all-time high, many in the market are expecting a recovery in the share price. .
Recent weekly gains of 8% have therefore freed Bitcoin’s price action from the tight momentum it had been trading in for nearly a month. Messari data shows that BTC has finally gained nearly 16% since the June 2022 cycle low.
Despite the short-term uncertainty present, CryptoQuant data presented a healthy long-term outlook on the chain for the major cryptocurrencies. One of the long-term bullish trends is the continuing downward trend in BTC reserves, while USDC reserves continue to expand.
In addition to this, Bitcoin’s weekly price chart showed that the move deviated from the long-term bearish trend that has been in place since March 2022. Furthermore, BTC’s RSI also appeared to deviate from the long-term bearish trend that has been underway since November. 2022.
Breaking the price above the $ 23,900 threshold during the month of November could fuel the uptrend towards the $ 30,000 resistance level.
That said, recent Matrixport results predict that the price of BTC could start to climb back to $ 63,000 by March 2024, when crypto will experience a halving (known as a halving) in mining rewards. This prediction was made by Markus Thielen of Matrixport, who bases his hypothesis on the fact that BTC could repeat the upward movement in prices seen during the period that led to the halving in July 2016 and April 2020.
In the two periods leading up to the halving, Bitcoin’s price started gaining ground 15 months before the split. Under this hypothesis, BTC could start its bullish momentum next month.
Ethereum at $ 2,000
The second cryptocurrency prediction for November 2022: Investors already have their eyes on the price of Ethereum as the asset has risen nearly 20% in the past week. ETH thus managed to break out of the crucial $ 1,500 resistance, trading at $ 1,534 at the time of the layout of this article.
Last year, ETH managed to outperform Bitcoin in terms of earnings; however, throughout 2022, ETH calmly followed BTC’s lead. Last week, however, Ethereum posted higher gains than Bitcoin and most of the top 100 cryptocurrencies by market cap.
ETH in particular has faced some resistance at $ 1,554, after which its path to the $ 2,000 threshold may be clear.
As the long-term MVRV begins to reverse and stock exits see significant pullbacks, the price of ETH could prepare for a breakout. Ethereum’s advance above $ 1,750 could therefore confirm its bullish action above $ 2,000 in November.
An upcoming season of altcoins
Third cryptocurrency prediction for November 2022: Altcoins have been on the back burner for most of this year, with the consolidation of Bitcoin paving the way for deeper market losses. While some mid-cap altcoins have seen occasional rallies, not much action has been seen for altcoins.
However, the situation could change for the better, with the price of Bitcoin going up. The market capitalization of altcoins, in particular, appears to be recovering from the low of $ 900 billion.
While the altseason index still shows no signs of an altcoin season, it has tested a key support barrier.
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