The sudden gains of the crypto market have opened the doors to bullish speculation going into November. Analyst Varuni Trivedi shares 3 big predictions for November that will directly affect the Bitcoin and altcoin market.
Bitcoin’s next target is set to $30,000
BTC price is currently down 70% from the 75 level. Despite the short-term uncertainty, data from CryptoQuant says Bitcoin has a healthy, long-term on-chain outlook. One was that USDC reserves continued to be deployed while BTC reserves continued their downward trend.
Apart from that, Bitcoin’s weekly price chart showed price action that deviated from the long-term downtrend in effect since March 2022. Furthermore, BTC’s RSI also seemed to be returning from the long-term downtrend that has been going on since November 2022.
However, the latest report from Matrixport predicted that BTC could start to recover and reach $63,000 by the halcing date March 2024. The prediction was made by Matrixport Markus Thielen, based on the fact that BTC could repeat the bullish price action seen until the July 2016 and April 2020 halvings. In both timeframes prior to the halcing, the Bitcoin price started gaining momentum 15 months before the halving. According to this assumption, BTC price could start its bullish momentum next month.
Bitcoin is breaking out…https://t.co/EE9iIISmF2 pic.twitter.com/B9xGCOF4WI
— Markus Thielen (@DeFiOnTarget) October 24, 2022
Ethereum analytics
Last year, ETH managed to outperform Bitcoin in terms of earnings. But throughout 2022, ETH calmly followed BTC’s lead. The past week has seen higher gains than most of the top 100 cryptocurrencies by BTC price and market cap on the ETH price chart. Specifically, the Entry/Exit Perimeter Price for ETH price showed some resistance at the $1,554 level. Then ETH’s path to the $2,000 mark could be clear.
ETH price is poised for a breakout, with the long-term MVRV rate starting to reverse and currency outflows noting large withdrawals. An Ethereum price break above $1,750 could confirm ETH bullish price action above $2,000 in November.
Altcoin season is coming
Altcoins have been in the background for much of this year as Bitcoin consolidation paves the way for bigger market losses. There hasn’t been much movement for altcoins, although there have been a few midrange altcoins that have been pumped out occasionally. However, this could change for the better as the Bitcoin price moves higher. Notably, the altcoin market cap seemed to be showing a recovery from the $900 billion low.
While the altcoin season index showed no signs of a rally in play, it was testing an important support barrier.
The movement of the Altcoin Season Index above the 75 mark could mark the start of an alt season in November. If Bitcoin price above the $30,000 scenario goes well, altcoins could continue to rise alongside the top crypto.
