Bitcoin (BTC) has lost the last three months since October. This is the first time in the first three months since 2015. However, when the data is analyzed, Bitcoin usually closed November with a profit.
Bitcoin creates red candle for the first time in three months since 2015
Bitcoin ended October with a weak note. For the first time since 2015, it is forming a red candlestick in the three-month period. For this reason, the month of November may be a different month for bitcoin. The leading crypto money closed at $ 6.320, with a 4.32% drop from Lockdesk’s opening price of $ 6.606 based on the Bitcoin Price Index (BPI). In August and September, prices fell by 9.22 percent and 5.8 percent respectively.
BTC’s losses for three consecutive months occurred in the first half of 2015. At that time, BTC’s average value was $ 250 and prices fell by 4 percent, 2.8 percent and 2.7 percent, respectively in March, April and may.
Historical data show that BTC usually profits in November
As shown in the table above, the 4 percent drop in October is the lowest of three months. In addition, BTC recovered its previous three-month loss in June 2015, increasing by 14 percent. For this reason, according to seasonal analysis and technical studies, it is possible for Bitcoin to repeat this pattern and reverse the three-month loss Series in November.
Historical data show that BTC has always achieved gains in November, excluding an 8.6 percent decline in 2011.
If seasonal patterns are repeated, Bitcoin (BTC) may end the downward trend in November!
It is also important to note that BTC’s best monthly performance is a 467 percent price increase in November 2013. As a result, if seasonal patterns are repeated, Bitcoin may rise in November.
Long-term technical charts point to a downward trend, and the lower part is expected to reach about $ 6,000. The reversal will only be confirmed if the BTC invalidates the low-level series, with a rise of $ 7,400, which is the highest level in September.