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 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%.
BTC retraces after flash surge | Source:
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.
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.