Bitcoin (BTC) experienced its worst month in years, failing to experience the expected rally in October and November, historically known as bullish months.
According to data from Coinglass, the average percentage change in Bitcoin price today in November was -16.75%.
Looking only at the average monthly change rate, this rate is the lowest level since -17.27% in November 2019. The lowest monthly average change ever was in 2018 (-36.57%).
Bitcoin is heading for its worst November since 2019 at this rate, but some analysts say this decline should be seen as a healthy correction before a possible rally next year.
Nick Luck, director of research at LVRG, said after a negative November so far, this correction represents an opportunity for investors to start buying again.
“The market has been largely cleared of overleveraged and weak projects, allowing new long-term investors to re-enter the market ahead of a promising new year.”
Bitcoin may fall again in December!
Meanwhile, analyst Sumit Kapur said November is expected to be Bitcoin’s worst November since 2019, and this situation could continue into December.
“November is usually one of the strongest months for Bitcoin.
But with just a few days left and a slow Thanksgiving weekend approaching, it’s shaping up to be the worst November since 2018.
“Every time Bitcoin ended in the red in November, it also ended in the red in December.”
Bitcoin continues to trade flat above $91,000 after a rapid rally of more than 10% over the past seven days.
*This is not investment advice.
