Bitcoin’s Performance is Expected to Get Better in November: Analyst

Bitcoin’s Performance is Expected to Get Better in November: Analyst

Bitcoin (BTC) continues on its bullish spree on Thursday as it prepares to take $15,500. Since the modest dip yesterday, more than $24 billion has flowed into the market with most of it going into BTC.

The benchmark cryptocurrency’s market dominance has now exceeded 65%, indicating that there is no appeal for altcoins at the moment.

Also, according to data collected by Willy Woo (which was reported in a previous analysis), November has been a profitable month for Bitcoin 70% of the time.

Meanwhile, it can be noticed that more institutional investors have been coming aboard BTC over the past few months. MicroStrategy was one of the big names that delved into Bitcoin in 2020, with a purchase of $425 million worth of BTC. Subsequently, the CEO of the company, Michael Saylor, disclosed that he holds 18,000 BTC.

Furthermore, it was revealed that a total of 36% of institutional investors owned either Bitcoin or other cryptocurrencies. About 26% of that number have announced that they will be increasing their exposure.

That said, it would seem that the most recent rally was largely driven by ‘smart money.’ Itis expected that retail investors will finally pick up, however, spectators worry that it might be too late soon.

BTCUSD – 4-Hour Chart

Key BTC Levels to Watch in the Near-Term — November 5

Bitcoin is unrelenting in its quest to retest its all-time high at $20,000. Meanwhile, the cryptocurrency has recorded yet another YTD high at $15,324 just a few hours ago.

BTC is riding the election-induced weakness surrounding the US dollar (DXY), coupled with its recent institutional adoption.

That said, expect a mild dip to the upper-$14,000 level. However, traders are still advised to remain on the sidelines given the volatility in the market.

Total market capital: $428 billion

Bitcoin market capital: $280 billion

Bitcoin dominance: 65.4%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
Share with other traders!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.