Bitcoin (BTC) opened November by breaking through the psychologically important resistance at $70, and to determine its future dynamics, it is worth recalling the achievements of the main cryptocurrency in November of previous years.
As we recall, BTC closed October with a gain of 10,76%, reaching almost half of the average and median historical returns of Uptober. Coinglass data shows that in November, the average historical return is higher than the previous month, while the median gain is lower.
Bitcoin's November numbers have averaged a 2013% gain since 42,78. With seven positive years out of eleven, November has a median return of 7,12%.
Specifically, the best November year was 2013 with a whopping 449,35% gain, followed by 2017 and 2020 with 53,48% and 42,95% respectively. The 2018 bear market saw a 36,57% loss, recording the worst performance.
Based on the current price, BTC could be trading between $75 and $275 by the end of November. These figures are calculated using the median and average historical returns, especially if BTC maintains its momentum.
This year, additional growth factors for Bitcoin have been new exchange-traded products, namely US spot bitcoin ETF , as well as the US elections, during which voters are specifically interested in politicians' attitudes towards Bitcoin and altcoins.