November 6, 2019 at 12:18 pm UTC · 3 min read
According to James Todaro, Managing Partner at Blocktown Capital, November has been one of the best performing months for Bitcoin. However, traders remain divided on where the dominant cryptocurrency could go. Todaro said:
“November has been historically one of bitcoin’s greatest performing months dating back to 2012. November 2018 was the main (and memorable) exception. BTC is presently up only 1.5% for November 2019…What will the next 3 weeks bring?”
Source: James Todaro Twitter
Last November, the Bitcoin price fell from around $6,500 to $3,700 by more than 43 percent against the U.S. dollar, after ranging for nearly three months in between $6,000 and $7,000.
Why analysts are divided on how Bitcoin would perform this November
Bitcoin is up by more than 100 percent year-to-date, increasing from sub-$4,000 to $9,300 from January.
Still, some technical analysts remain cautious about whether Bitcoin could overcome the “psychological level” at $10,000 in the short term, as sell pressure builds with stacked limit sell orders on major cryptocurrency trading platforms.
Josh Rager, a cryptocurrency trader, noted that before investors begin to lean towards a bullish scenario for bitcoin, it is important to take into consideration the abrupt 10 percent drop in the price of BTC on CME earlier this week.
In a quick gap close, the price of BTC dropped to $8,350 on the CME futures market, supplemented with large sell orders. He said:
“Interesting situation in the market with the CME Bitcoin futures price gap being ‘filled’ – though price didn’t close through it.