According to research, the closing price of BTC in November could be $ 96,000. Analysts of the Kraken exchange went to this conclusion in an October market survey. This forecast is based on BTC’s 2017 price action and $ 96,000 is the worst case closure in November.
BTC is generally expected to reach $ 100,000. At the current rate, the fourth quarter has a dynamics that are most similar to the fourth quarter of 2017, with a correlation of 0.88. It should be noted that the fourth quarter of 2017 was the third best fourth quarter of BTC with a yield of + 220%, – noted Kraken.
If BTC continues to follow Q4 2017, we can expect BTC to grow even higher at the end of the month. In any case, + 220% in the 4th quarter of 2021 was worth $ 96,550 per BTC.
Analysts also shows that November was historically volatile, leading to the highest monthly returns.
Historically, the top of the BTC has agreed that the BTC has reached both its upper Bollinger band and the monthly relative force index (RSI) at 96, according to Kraken.
The RSI currently has room to grow from 71.7, while the upper Bollinger Band currently points to approximately $ 112,000.
If BTC’s current growth stops at strong resistance at around $ 70,000, the decline may not be more than 20%.
Evaluating BTC’s price, analyst Willy Wu concluded that the $ 50,000 to $ 60,000 zone was more than reliable as support.
“BTC has capitalized $ 1 trillion; it’s hard to imagine that it will fall below this zone,” the expert commented, referring to data from the analytical company Glassnode.