Crypto News – October was an extremely productive month for the cryptocurrency market. Bitcoin and some other altcoins reached new-year highs, while others fell.
November 2023 Crypto Forecasts: Will BTC, BTCD, and OCEAN Rise or Fall?
The fact that October was so active raised expectations for November as well. So, what are the analysts’ predictions for November? Will the market continue this upward trend, or will the wind blow against it?
BTC Price Rises Above $35K in October
October saw a sharp rise in the price of Bitcoin, which peaked at $35,198, a record high for the year. Because it resulted in a breakout from the $30,000 horizontal area, the rise was significant. Twice in the last bull run, the region served as support.
Following the breakout, the price rose to the market cycle’s first lower high (green trendline) in the following monthly candlestick. The lower high in the current trend is $48,000, which is 40% higher than the price. This bullish estimate for the price of Bitcoin is subject to invalidation should the market close below $30,000.
A Significant Section of Altcoins Could See Huge Gains
Beginning in September 2022, the BTCD has increased. After remaining stationary for 760 days, it emerged from the 48% horizontal resistance area in June 2023. As a result, October saw a new annual high of 54.35%. This rise resulted in a new all-time high of 61 (yellow icon) for the monthly Relative Strength Index (RSI). The last two times the indicator reached near 60 (red icons), there were corresponding declines of 20 and 45%.
According to the present BTCD chart, a 10% decline will occur upon reaching the 48% support region. This would imply that a significant portion of altcoins would see enormous gains when paired with the earlier optimistic estimate for the price of BTC.
OCEAN Breaks Out of the 930-Day Resistance Trend Line
In January, OCEAN emerged victorious from the $0.27 horizontal resistance zone. The next month, it hit a new yearly high of $0.58 (red icon), but it failed to break out from a long-term trendline of falling resistance. Since the peak, the trendline has been in existence.
OCEAN finally broke out last Thursday following multiple failed breakout efforts. The trendline had been in place for 930 days when the breakout occurred. At $1.05, which is 180% over the present price, the next nearest barrier will be encountered if the gain persists.
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