Bitcoin’s best month historically, November might see a “Nopevember” due to macro and geopolitical factors affecting its value. The cryptocurrency started October at an all-time high but has since fallen 14% from that peak. Experts warn of a choppy November, with one analyst predicting the price will remain in the $107,000 to $113,000 range.
The US government shutdown still unresolved is putting pressure on interest rates and economic data, which will weigh on sentiment. Some experts believe that as the selling slows down, fundamentals like quantitative tightening ending and liquidity returning will become more prominent.
However, with bitcoin becoming highly dependent on news, a 10% move in either direction could trigger massive liquidations worth billions of dollars. Experts note that this month’s price range is likely to be $107,000 to $113,000, but the market remains uncertain due to fears of missing out on growth and new pullbacks.
Another challenge facing bitcoin is continued ETF outflows, which could push prices toward the $103,000-$100,000 bands. The market is in a state of digestion, with structural bulls present but short-term conviction low, making it essential for fresh demand to support price stability.
Source: https://sherwood.news/crypto/experts-predict-bitcoin-is-in-for-a-choppy-november