Bitcoin, the flagship currency of this universe, is at the heart of concerns. With the arrival of the month of November, investors, experts and curious people are asking themselves an essential question: will Bitcoin continue its meteoric rise or will it experience a spectacular fall?
Financial roller coasters and institutional interest
The month of November has historically been a pivotal month for Bitcoin since its creation in 2009. The early years saw its birth and establishment, followed by exponential growth, particularly in 2013 where BTC went from 198.23 dollars to end at 1120.40 dollars.
After a period of relative stability, 2017 marked a dramatic rise, while 2018 saw a drastic fall. The following years oscillated between growth and contraction, with 2022 recording a drop of around 20%.
However, this historical analysis also shows Bitcoin’s ability to resist, to rebound, and above all, to defy the most pessimistic predictions.
The year 2023 was marked by growing interest in BTC from financial institutions. Rumors and indications of approval of an ETF (Exchange-Traded Fund) dedicated to Bitcoin in the United States are fueling this dynamic.
BlackRock, with its iShares Bitcoin Trust, as well as other players like VanEck, aspire to revolutionize the market. These initiatives aim to make BTC investing more accessible and potentially more secure for the masses.
Beyond these new products, the position of the SEC, a major regulator in the United States, will be decisive. The agency’s recent moves indicate a potential shift in direction, opening the door to broader adoption of Bitcoin.
Geopolitics and Bitcoin: A new safe haven?
Unstable global geopolitics also influences the Bitcoin market. Recent tensions, particularly in the Gaza Strip, have highlighted the potential role of BTC as a safe haven.
Institutional investors, often considered cautious players, are starting to allocate part of their portfolios to Bitcoin. This trend is explained by the search for diversification in the face of geopolitical risks.
WOO Network’s Jack Tan highlighted The Block that Bitcoin is increasingly seen as a hedge against this turbulence, indicating a maturation of the market and recognition of Bitcoin as a stable financial asset.
Bitcoin is currently exhibiting bullish momentum, especially when looking at key indicators such as the RSI. However, the $35,000 resistance level remains a critical point to watch.
If this resistance is crossed, Bitcoin could experience a new phase of increase, with the next step being the level of $37,000. However, a correction can never be ruled out in such a volatile market, with potential support around $31,500.
The “dominance” of Bitcoin, representing its market share compared to other cryptocurrencies, is also reaching interesting levels.
BTC, despite its unpredictable nature, continues to be the center of attention. November will undoubtedly be a month full of twists and turns. Whether boom or bust, Bitcoin, with its tumultuous history, has taught us one thing: always expect the unexpected. Meanwhile, the UN poses a look at its price.
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