The month of October has just ended and Bitcoin and the rest of the crypto market marked the start of the new month of November. With October proving to be an incredibly bullish month for Bitcoin with a green monthly close, eyes are now on the new month and the possibilities it could bring to the digital asset.
October was a good month for Bitcoin
Looking at the month of October, it has been one of the best months so far for 2023. BTC Price began at around $28,000 and closed the month above $34,000. In total, Bitcoin’s return in October was 28.5%.
Compared to previous months, only one month exceeded October and it was January. Bitcoin also benefited from a green price close in September, but with meager gains of 3.99%.
2023 also proved to be a year of good returns, with six months out of the last ten months closing in the green. August, May and July were the only months with significant losses of 11.2%, 7.1% and 4.04%, respectively. While February closed with small losses of -0.01%.
BTC retraces after flash surge | Source: BTCUSD on Tradingview.com
How November researches BTC price
The first day of November already begins with losses for the price of BTC but it is still early for the digital asset to recover. However, historically, especially over the past five years, Bitcoin has performed poorly in the month of November.
In 2022, the infamous FTX crash sent the price of Bitcoin from over $21,400 to under $16,000, and the month ended with losses of 16.1%. The same was the case the previous year in 2021 when the crypto bull market started to slow down. That month ended with a red close of -7.12%.
2020 was different in that Bitcoin saw a 42.9% increase in November, the year the bull market began. But 2023 is more similar to the year 2019, as they are both the year before the Bitcoin halving and November suffered losses in 2019.
If Bitcoin follows November’s trend similar to 2019, then it is possible that the digital asset could reverse its October gains this month. A 17% drop would mean a return to the $28,000 level, which would erase around $6,000 from its current value.
However, Bitcoin is known to go against historical trends in various cases, so there could be a change in trend. For example, in 2015, the year before 2016 Bitcoin halved, the price of Bitcoin saw an increase of 19.8% at the end of November. This shows that nothing is set in stone when it comes to Bitcoin.