November started off on a negative note for cryptocurrency prices, with Bitcoin (BTC) briefly falling toward $105,000 on Monday. This decline sparked a renewed sense of bearish sentiment among investors, and experts warn that conditions could worsen in the coming days.
The November deadline is approaching
CryptoBirb market expert recently Express Fears on social media platform According to CryptoBirb, when you dive into the on-chain data, the more alarming the picture appears.
Related reading
CryptoBirb’s analysis starts with peak cycle data: 1,078 days have passed since the low in November 2022, equivalent to 101.2% of the crypto cycle. Additionally, it has been 563 days since the last halving, with 45 days remaining within the typical peak range of 518 to 580 days.
Worryingly, the expected rise leading up to this peak has not materialised, with only 17 days remaining before the peak window closes on 20 November. Missing breakouts during this time frame signaled the end of the previous period. Up cycles.
When comparing the current situation with the 2017 cycle, it is noted that Bitcoin reached its peak on December 17, 2017, 1068 days after its lows. With 1,078 days to go until the start of the current cycle, the chances of a late top are diminishing with each passing day that the cryptocurrency remains below $113,000.
From a performance standpoint, Bitcoin is down 16% from its all-time high of $126,200, and has only gained 8.2% year to date. The market leading cryptocurrency faced repeated rejection near the $113,000 to $114,000 range and is currently trading below the 200-day mark. Simple moving average (SMA) of $109,882.
Historically, November typically sees average gains of 17.5%, with positive performance in 10 of the past 15 years. However, the expert points out that when November starts in the red, it often indicates that the cycle has already turned.
Potential bullish factors amid ongoing concerns about cryptocurrencies
Adding to this bearish sentiment, DeFi researcher DeFiIgnas said shown Several factors complicate the course of the cryptocurrency market. These include what he calls “the speculative nature of the AI bubble,” the failure of bullish news to revitalize cryptocurrency prices, the uncertainty surrounding entities that collapsed after the October 10th crash, and the cyclical nature of the market.
In addition, selling activity from long-term holders and negative cryptocurrencies Exchange-traded funds ETF inflows are adding to prevailing concerns.
Related reading
Despite these challenges, DeFiIgnas also identified some potential upside factors that could fuel a recovery rather than further declines.
These include easing liquidity and interest rate cuts by the Federal Reserve (Federal Reserve), lack of euphoria in the cryptocurrency space, and slow but steady… Institutional adoptionand the possible passage of the cryptocurrency market structure bill in the United States.
A historically strong performance in the fourth quarter, stablecoin supplies at all-time highs, and the recent US trade deal with China could also provide a counterweight to the prevailing bearish sentiment.
Featured image of DALL-E, chart from TradingView.com
The post Expert Warns Of Bearish Phase Unfolding This November first appeared on Investorempires.com.
