3 Big Crypto Predictions for November 2022

As October draws to a close, the crypto market has managed to revive the hopes of investors and traders alike with some quick midweek gains.

Total crypto market capitalization tested $1 trillion on October 26. Bitcoin (BTC), Ethereum (ETH) and most altcoins with record profits on them graph every day. Thus, the green color of the daily and weekly charts caused investors to return to the digital currency market, causing trading volumes and liquidations of short positions to skyrocket.

However, as with everything else, gains, rallies and bullish sentiment proved limited. BTC price action quickly fell prey to the consolidation and the rest of the market followed suit. So, at the time of writing, the total crypto market capitalization has dropped to $990.39 billion.

The sudden gains of Bitcoin and the entire crypto market have thus opened the doors for strong speculation for this month of November. So, here are the 3 biggest crypto predictions for November 2022, based on the macro movement of digital assets:

The price of Bitcoin is $30,000

First Crypto Prediction for November 2022: Bitcoin has fallen 70% from its all-time high of $69,000 in November 2021. Almost a year after BTC hit a new all-time high, many in the market are expecting a recovery of price action.

Recent weekly gains of 8% thus freed Bitcoin price action from the tight range momentum it had been trading in for nearly a month. Data by Messari show that BTC has finally gained almost 16% from the June 2022 cycle low.

Despite the uncertainty present in the short term, data by CryptoQuant presented a healthy long-term perspective on the chain of major cryptocurrencies. One of the long-term bullish trends is the continued downward trend of BTC reserves, whileUSDC continue to settle.

Except this, graph The weekly price of Bitcoin showed the move diverging from the long-term downtrend in play since March 2022. Moreover, RSI of BTC also appeared to deviate from the long-term downtrend in play since November 2022.

A price break above the $23,900 level during November could push the uptrend towards the $30,000 resistance level.

That said, recent findings from Matrixport predict that the price of BTC could begin to recover to $63,000 by March 2024, when the crypto will experience a halving (known as a halving) in mining rewards. This prediction was made by Markus Thielen of Matrixport, who bases his assumption on the fact that BTC can repeat the upward movement of the first price during the period until the halving of July 2016 and April 2020.

In the two periods leading up to the halving, Bitcoin’s price began gaining ground 15 months before the halving. According to this hypothesis, BTC may start its bullish momentum next month.

Ethereum at $2000

Second Crypto Forecast for November 2022: Investors already have their eyes on Ethereum’s price as the asset surged nearly 20% in the past week. Thus, ETH managed to break through the crucial $1,500 resistance, trading at $1,534 at the time of filing this article.

Last year, ETH managed to overtake Bitcoin in terms of earnings; however, throughout 2022, ETH has quietly followed BTC’s lead. However, last week, Ethereum posted higher gains than Bitcoin and most of the top 100 cryptocurrencies by market capitalization.

ETH in particular faced resistance at the $1,554 mark, after which its path to the $2,000 mark could be clear.

As the long-term MVRV starts to recover and exchange exits mark significant pullback, the price of ETH could be primed for a breakout. Ethereum’s advance above the $1,750 mark could thus confirm its bullish action above $2,000 in November.

An upcoming altcoin season

Third Crypto Prediction for November 2022: Altcoins have been on the back burner for most of this year, with Bitcoin’s consolidation paving the way for deeper market losses. Despite a few mid-cap altcoins posting occasional gains, not much action has been seen for altcoins.

However, the situation may change for the better, with the increase in the price of Bitcoin. The market capitalization of altcoins, in particular, appears to be recovering from a low of $900 billion.

Total Crypto Market Cap w/o BTC | TradingView

Although the altseason index is not yet showing signs of an altcoin season, it has tested a key support barrier.

Source: Altcoin Season Index

WARNING! : BeInCrypto endeavors to provide accurate and up-to-date information, but cannot be held responsible for any missing facts or any incorrect information. You agree and understand that you will use this information at your own risk. Cryptocurrencies are highly volatile financial assets; so do your research and make your own financial decisions.

Disclaimer

All information on our website is published in good faith and for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at his own risk.

Leave a Comment