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Peter Davis

An writer at FOMOdrive

  • Nov 01, 2023
  • 3 min read

Bitcoin has formed a “golden cross” - what will happen to BTC in November?

In July, Bitcoin experienced its most successful month since the beginning of the year, increasing by over 27%.

A formation known as a "golden cross" has appeared on the Bitcoin chart.

An all-time high has been reached in the amount of Bitcoin addresses that are deemed "profitable".

Preparing for a surge in growth, investors are readying themselves.

Stanley Druckenmiller, a billionaire, referred to Bitcoin as "gold for the young".

In October, Bitcoin experienced its most successful month since the beginning of the year, with BTC prices rising 27% to reach a high of over $34,000 - the highest it has been in the past 18 months.

The term "Uptober" is now a reality, not just an Internet meme, according to CoinGecko. It is formed from two English words: "up" and "October". In contrast, November has been given the name "Downvember" in the online community.

Glassnode has reported that the number of "profitable" Bitcoin addresses has hit a new all-time high, surpassing 39 million. This is higher than the previous peak, which was seen in November 2021.

At the conclusion of October, a “golden cross” was seen on the daily Bitcoin chart, indicating the potential for an upward trend. Michael van de Poppe, founder of MN Trading, believes that investors are getting ready for a new surge in growth.

Look Into Bitcoin reported that the start of a bull market was signaled when the price of Bitcoin crossed the $34,000 mark. Gabor Gurbacs, founder of Pointsville, attributed the continued rise in price to a stronger institutional presence.

VanEck anticipates that a "politically motivated" reduction in the Federal Reserve's interest rate could coincide with the halving of Bitcoin and the potential launch of spot Bitcoin ETFs, leading to a "very exciting spring" for crypto investors.

Trader Rekt Capital is not feeling very hopeful. Following the halving, they anticipate that the market will remain in the range of $24,000-30,000 before it can start to rise to six-digit levels.

Stanley Druckenmiller, a billionaire, referred to Bitcoin as "gold for the young". Despite his regret for not owning any BTC at present, he still prefers to invest in gold.

On October 31, 2008, a revolutionary nine-page white paper was published by a person (or group of people) under the pseudonym Satoshi Nakamoto. This white paper outlined the workings of a peer-to-peer payment system, which would later be known as Bitcoin. Fifteen years later, the impact of this white paper is still being felt, as Bitcoin has revolutionized the world of financial technology.

The price of the native UNIBOT token dropped by more than 40% following a hack of a popular Telegram bot used to monitor transactions on the decentralized exchange Uniswap.

Anton Tkachev, First Deputy Head of the State Duma Committee on Information Policy, Information Technologies and Communications, has stated that the Russian authorities are making efforts to implement technology for monitoring citizens' transactions throughout the nation. He mentioned that the system is currently being tested in one of the banks, and it is likely that only legal entities will be allowed to use it for mining.

November is typically a moderately successful month for Bitcoin (BTC). Over the past 12 years, BTC has ended the month with growth 7 times. The average increase over the past 11 years was 24%, while the average decrease was 17%. If BTC follows this trend, it could end November around $42,800, reaching new highs for a year and a half. Alternatively, it could end the month around $28,600.

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