After reaching an annual high over 2023 on November 9, 2023, at $37,926, the Bitcoin price closed the next two days above $37K: $37.3K on November 10, 2023, and $37.1K on November 11, 2023.
As I write these lines, the price of Bitcoin is still above $37K.
It will be interesting to see in a few hours whether the Bitcoin price can close above $37K weekly. If not, the Bitcoin price could return to seek liquidity on the lower supports I mentioned earlier:
Bitcoin Price Hits 18-Month High Near $37K As EU Deals Blow to Your Privacy
While Rektember didn't live up to its promise - and that's kept us Bullish in the Bitcoin market - and Uptober lived up to its reputation, everyone's still wondering what the second half of November will bring.
Historically, November has always been a month synonymous with high volatility for the Bitcoin price:
The last two years symbolize this, with Bitcoin's ATH reaching $68,997 on November 10, 2021, and then, the following year, the Bear Market's bottom on November 9, 2022 at $15,597, just as the FTX scam exploded in the face of the world.
While the cryptocurrency market has yet to be completely purged of the scammers of the previous bull run, everyone is well aware that a new 4-year cycle is just around the corner.
The likely arrival of Bitcoin Spot ETFs will simply have accelerated the euphoria that usually accompanies a Bitcoin Halving that marks the start of a new cycle. This Halving, the fourth in Bitcoin's history, is still scheduled for April 2024, approximately 163 days from now:
There's nothing to say that more or less pronounced corrections won't occur in the weeks and months to come. Indeed, it's likely that the Bitcoin market will have to endure further corrections. Nevertheless, this will not reverse the increasingly Bullish sentiment that has now set in.
The big question I'd like to ask you to close this week (or start the new week, depending on when you read this article) is:
What price zone do you anticipate for Bitcoin in November 2024?
I'll let you answer in the comments. I know this is a perilous exercise, as the Bitcoin market has always accustomed us to never doing what the majority expect, but it's time to play the prediction game, my friends ??.
