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.
Bitcoin price in November A break above the $23,900 mark could help advance towards the $30,000 resistance.
That said, recent findings from Matrixport predict that BTC may begin to rally, reaching $63,000 by March 2024, when the cryptocurrency will undergo a mining reward halving. The prediction was made by Matrixport Markus Thielen, whose assumption was based on the fact that BTC could repeat the bullish price action that preceded the halvings in July 2016 and April 2020.
In the two time periods leading up to the halving, the Bitcoin price started to rise 15 months before the halving. Based on this assumption, BTC price may start a bullish momentum next month.
Ethereum price to $2,000
Second cryptocurrency forecast for November 2022: Ethereum has attracted investor interest after rising nearly 20% last week look. ETH price managed to break above the key resistance level of $1,500 and was priced at $1,534 at press time.
Last year, ETH managed to outperform Bitcoin in terms of yield, but throughout 2022, ETH has calmly followed BTC. However, last week’s ETH price chart saw more gains than BTC price and most of the top 100 cryptocurrencies by market cap.
It’s worth noting that for ETH price, In/Out of Money around Price saw some resistance at the $1,554 mark before ETH’s path to the $2,000 mark Might be clear.
with long-term MVRV With ratios starting to reverse and exchange outflows noticing massive withdrawals, ETH price may be preparing for a breakout. An Ethereum price break above the $1,750 mark could confirm a bullish November ETH price action above $2,000.
Altcoin season is here
3rd crypto forecast for November 2022: Altcoins have been on the back burner for most of the year, Bitcoin consolidates as Larger market losses paved the way. Altcoins haven’t seen much action, although there are occasional mid-cap altcoins.
However, things could get better as Bitcoin prices turn bullish. Notably, altcoin market capitalization appears to be recovering from the lower $900 billion mark.
Although the altseason index is still showing no signs of an altseason, it is testing a key barrier of support.
The Altcoin Season Index crossing the 75 mark could mark the start of November altcoin season. If Bitcoin prices above $30,000 perform well, the altcoin could continue to rise in tandem with the top cryptocurrency.
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