How Will November Go for Bitcoin? Two Analysts Offer One Pro and One Worst Scenario!

Leading cryptocurrency Bitcoin (BTC) and altcoins are experiencing a deep decline. Analysts believe the decline was triggered by waning hopes for interest rate cuts following hawkish statements from Fed officials, the prolonged US federal government shutdown, and a sharp decline in investor confidence.

Analysts also believe that market liquidation pressure fueled the decline. According to CoinGlass data, nearly all of the liquidated positions were long. The purging of overheated long positions further exacerbated short-term downward pressure.

While there is speculation about whether this widespread decline in the market will continue, Fairlead Strategies founder Katie Stockton stated that technical signals also point to weakness.

Stating that Bitcoin has fallen below its 200-day moving average, which is an important support level at $109,800, Stockton stated that this correction may take a few more weeks.

Stating that the next support is $94,200 and that there is a risk of BTC falling below $100,000, the analyst added that despite the negativity, Bitcoin has the potential to recover in the medium and long term.

“Bitcoin has fallen below the 200-day moving average ($109,800). This is a key indicator for measuring the long-term trend and a key support level.

“At this point, a technical correction could continue for several weeks. Bitcoin’s next support level is $94,200.”

Bitcoin Sideways in Early November!

SynFutures CEO Rachel Lin also evaluated the recent decline in Bitcoin and interpreted it as a healthy correction within the overall uptrend.

Lin, who expects a sideways trend in early November, stated that Bitcoin has a chance to reach $150,000 by the end of the year.

“Cautious optimism prevails in November.

Bitcoin may trade sideways in early November, but a recovery could be triggered once a psychological turning point is reached.

The current decline appears to be a correction within an uptrend. Long-term investors are still buying, and ETF inflows are holding steady.

Bitcoin still has a chance to rally to $150,000 by the end of this year.”

*This is not investment advice.