Crypto Market Closes October Positively, What Are the Predictions for November?

Prediction of the crypto market in November (photo: Pexels)

JAKARTA - On Tuesday, October 31 at around 08.00 a.m. Western Indonesian Time (WIB), Bitcoin was at a price of 34,511 US dollars (IDR 548.5 million), or strengthened 0.55 percent in the last 24 hours, and weakened 0.57 percent in the last seven day period.

Meanwhile, at the same time Ethereum (ETH) was sitting at 1,810 US dollars (IDR 28.7 million), gaining 0.98 percent in the last 24 hours, and up 0.22 percent in the last seven days.

On the other hand, the global Crypto Asset market capitalization at the same time stood at 1,255 trillion US dollars, or an increase of 0.80 percent in the last 24 hours.

Financial Expert Ajaib Crypto Panji Yudha predicts that the crypto market will most likely close October with positive sentiment, where the price of Bitcoin is currently above 34,000 US dollars (IDR 540.4 million).

"Furthermore, the first two weeks of November have the potential to be an opportunity to buy the dip if Bitcoin falls to the price of 30,000 US dollars (IDR 476.8 million), so the bullish momentum throughout October has the potential to continue," explained Panji in a statement received.

According to Panji, this prediction is also based on Bitcoin history since 2013, where November was also a positive month.

According to Coinglass data, throughout 2013 to 2017 Bitcoin continued to experience significant increases every November. Meanwhile, from 2018 to 2022, Bitcoin only experienced an increase once in November, namely in 2020.

"However, if you look at the average movement of Bitcoin every November from 2013-2022, it is the most bullish month with an average increase of 50.61 percent," he added.