Artificial intelligence suggests that the price of BTC in November could range between $33,900 and $41,900.
However, the inherent volatility of the cryptocurrency market must be taken into account.
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The price of Bitcoin The month of October started, trading at 27,122 dolars. This Thursday, November 2, the cryptocurrency with the highest marketcap in the world is at $34,564, according to data from Coinmarketcap. This represents an increase of more than 30%.
Historically, the BTC price has seen mixed returns in the month of November. In years like 2018, 2019, 2021, and 2022, BTC experienced drops of -36.57%, -17.27%, -7.11%, and -16.23%, respectively. In contrast, from 2013 to 2017 and in 2020, the price of Bitcoin closed the month in green numbers.
The last time Bitcoin closed November higher was in 2020, with a performance of +42.95%, according to Coinglass data.
Bitcoin: the engine of the bullish rally
The interest of BlackRock, the largest global fund manager, in introducing its own spot ETF has generated excitement in the crypto community and has boosted cryptocurrency pricesincluding Bitcoin, which surpassed $30,000 and is now flirting with $35,000.
Given the eventual approval of the request for BlackRock by the US regulator, strong demand for Bitcoin is expected. The expectation that this will happen has contributed to the recent price rally, driven by news, speculation and FOMO (Fear of Missing Out).
Despite the optimism, some analysts warn of the possibility of a correction in the price of Bitcoin. The crypto market is highly volatile, and predictions may not be 100% accurate.
Artificial intelligence, represented by Google’s Bard chatbot, suggests that the price of Bitcoin in November could range between $33,900 and $41,900, approximately. However, the inherent volatility of the cryptocurrency market must be taken into account.
Source: Ambito
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