The month of October just drew to a close and Bitcoin and the rest of the crypto market has ushered in the new month of November. With October proving to be an incredibly bullish month for Bitcoin with a green monthly close, eyes are now on the new month and what possibilities it could hold for the digital asset.
October Was A Good Month For Bitcoin
Looking back to the month of October, it has been one of the best months so far for 2023. The price of BTC started out at around $28,000 and closed out the month above $34,000. In total, the return for Bitcoin in the month of October was 28.5%.
In comparison to the previous months, only one month has surpassed October and that was the month of January. Bitcoin also benefited from a green price close in the month of September, albeit with meager gains of 3.99%.
2023 has also turned out to be a year of good returns with six months out of the last 10 months closing in the green. The months of August, May, and July were the only months with significant losses of 11.2%, 7.1%, and 4.04%, respectively. While February closes out with small losses of -0.01%.
BTC retraces after flash surge | Source: BTCUSD on Tradingview.com
How November Is Looking For BTC Price
The first day of November is already starting out with losses for the price of BTC but it is still early for the digital asset to pick back up. Historically though, especially over the last five years, Bitcoin has recorded poor performance in the month of November.
In 2022, the infamous FTX crash took the Bitcoin price from above $21,400 to below $16,000, and the month ended with 16.1% losses. The same was the case for the previous year in 2021 when the crypto bull market began to wind down. That month ended up with a red close of -7.12%.
2020 was different in the fact that Bitcoin saw a 42.9% increase in November, which was the year the bull market began. But 2023 is more closely similar to the year 2019 because they’re both the year before the Bitcoin halving takes place and November suffered losses in 2019.
If Bitcoin keeps to the November trend similar to 2019, then it is possible that the digital asset will reverse its October gains this month. A 17% decline would mean a fall back to the $28,000 level, which would wipe around $6,000 off its current value.
However, Bitcoin has been known to buck historical trends in various cases, so there could be a change in the trend. For example, in 2015, the year before the 2016 Bitcoin halving, Bitcoin price saw a 19.8% increase by the time November was over. This shows that nothing is set in stone when it comes to Bitcoin.