The month of October was just coming to an end and Bitcoin and the rest of the crypto market have ushered in the new month of November. With October proving to be an incredibly bullish month for Bitcoin with a green month-end close, eyes are now turning to the new month and what opportunities it could bring for the digital asset.
October was a good month for Bitcoin
Looking back on the month of October, it was one of the best months yet for 2023. The price of BTC began around $28,000 and ended the month above $34,000. In total, the return for Bitcoin in the month of October was 28.5%.
Compared to the previous months, only one month of October has been surpassed and that was the month of January. Bitcoin also benefited from a green price close in the month of September, albeit with a meager gain of 3.99%.
2023 has also proven to be a year of good returns, with six months of the last ten months ending in the green. The months of August, May and July were the only months with significant losses of 11.2%, 7.1% and 4.04% respectively. While February closes with small losses of -0.01%.
BTC retraces after flash surge | Source: BTCUSD on Tradingview.com
How November is looking for BTC price
The first day of November is already starting to see losses for the price of BTC, but it is still early before the digital asset picks up again. However, historically, Bitcoin, especially over the past five years, has had poor performance in the month of November.
In 2022, the infamous FTX crash took the Bitcoin price from above $21,400 to below $16,000, ending the month with a loss of 16.1%. The same was the case for the previous year in 2021 when the crypto bull market started to decline. That month ended with a red close of -7.12%.
2020 was different as Bitcoin rose 42.9% in November, the year the bull market began. But 2023 is more like the year 2019, as it is both the year before the Bitcoin halving and November suffered losses in 2019.
If Bitcoin sticks to November’s trend, similar to that of 2019, it is possible that the digital asset will reverse October’s gains this month. A 17% decline would mean a pullback to the $28,000 level, which would wipe about $6,000 from its current value.
However, Bitcoin has been known to buck historical trends in several cases, so a change in trend could occur. For example, in 2015, the year before Bitcoin’s 2016 halving, the Bitcoin price saw a 19.8% increase by the time November was over. This shows that nothing is set in stone when it comes to Bitcoin.
