Sudden gains in the crypto market opened the doors to bullish speculation in November. The break of BTC price above $23,900 in November could support the uptrend towards the $30,000 resistance level, the lower $900 billion mark.
The crypto market cap experienced the $1 trillion mark on Oct. 26, with Bitcoin (BTC) price, Ethereum (ETH) price and most altcoins posting record gains on their daily chart. The greens on the daily and weekly charts enticed investors to return to the crypto market, leading to rising trading volumes and brief liquidations. However, gains, rallies and bullish sentiment have been limited, like almost everything else. BTC’s battered price action soon fell victim to consolidation, with the rest of the market following as the crypto market cap fell to $990.39 billion at the time of publication.
Bitcoin Price Prediction November 2022: BTC to Hit $30,000
The first crypto prediction for November 2022: Bitcoin price was down 70% from its all-time high of $69,000 in November 2021. Almost a year after the BTC price hit a new all-time high, many expect the market to retake the price action. The recent 8% weekly gains broke BTC price action from the range-bound momentum it has been trading in for almost a month. Messari data showed that Bitcoin’s price rose nearly 16% from the June 2022 cycle low. Despite the near-term uncertainty, CryptoQuant data offered a healthy long-term on-chain view of the top crypto. A long-term uptrend was that BTC reserves continued to trend down while USDC reserves continued to unfold.
Apart from that, Bitcoin weekly price chart showed price action divergent from the long-term downtrend that has been ongoing since March 2022 and November 2021. Bitcoin price break above $23,900 in November could restart the uptrend to the resistance level of Support at $30,000. However, recent insights from Matrixport predicted that BTC could gradually recover and hit $63,000 in March 2024, when the cryptocurrency would halve.
The prediction was made by Matrixport Markus Thielen, who bases the assumption on the fact that BTC could repeat the bullish price action seen in the run-up to the July 2016 and April 2020 halvings.
Ethereum Price Prediction November 2022: ETH to Reach $2,000
The second crypto prediction for November 2022: Ethereum has already glued investors’ eyes to its price after gaining almost 20% in the last week. Ethereum managed to overtake Bitcoin in terms of gains throughout 2022, but throughout 2022 ETH quietly followed BTC’s lead. Over the past week, however, ETH’s price has increased more than BTC’s and most of the top 100 cryptocurrencies by market cap. ETH In/Out of Money Around Price showed some resistance at the $1,554 level, after which ETH’s path towards the $2,000 level might be apparent.
As the long-term MVRV ratio starts to reverse and trade exits spot significant pullbacks, ETH price could be preparing for a breakout. An Ethereum price break above $1,750 could confirm ETH’s bullish price action above $2,000 in November.
Altcoin Season: Alt-season in November 2022?
The Third Crypto Prediction for November 2022: Altcoins have taken a backseat for most of this year, with Bitcoin’s consolidation paving the way for more considerable market losses. Lots of action for altcoins. However, that could change for the better if Bitcoin’s price turns bullish. The altcoin market cap appeared to be recovering from the low $900 billion mark. With an alternate season at stake, he tested a key support barrier.
A surge in the Altcoin Season Index above 75 could mark the start of an alternative season in November. If Bitcoin’s price exceeds the $30,000 scenario, the altcoins alongside the top crypto could continue to rise.