As October comes to a close, the crypto market has managed to ignite the hopes of investors and traders alike, with some quick gains in the middle of the week.
Global cryptocurrency market capitalization tested the $1 trillion mark on October 26, with Bitcoin (BTC), Ethereum (ETH) and most alts The coins are hitting new all-time highs on their daily chart. Green on the daily and weekly charts lured investors back into the cryptocurrency market, leading to soaring volumes and short liquidations.
Still, as with everything else, gains, rallies, and bullish sentiment are limited. The battered BTC price action quickly fell prey to a consolidation, with other markets following suit, with the global cryptocurrency market cap slumping to $990.39 billion at press time.
The sudden rise in Bitcoin and the larger crypto market opened the door for bullish speculation in November. Here are the top 3 cryptocurrency predictions for November 2022, looking at the macro movement of crypto assets:
Bitcoin price to $30,000
First cryptocurrency forecast for November 2020: Bitcoin price fell 70% from its all-time high of $69,000 in November 2021. Nearly a year after the BTC price hit an all-time high, many in the market expect price action to pick up again.
The latest weekly gain of 8% has taken BTC price action out of the range-bound momentum of nearly a month. Data from Messari shows that BTC prices ended up gaining nearly 16% from the cycle low in June 2022.
Despite short-term uncertainty, CryptoQuant’s data presents a healthy long-term on-chain view of top cryptocurrencies. A long-term bullish trend is that BTC reserves continue to trend downward while USDC reserves continue to be deployed.
In addition to this, Bitcoin’s weekly price chart shows price action deviating from its long-term downtrend since March 2022. Additionally, BTC’s RSI also appears to be shifting from a long-term downtrend to a downtrend since November 2022.