Bitcoin has broken character for two consecutive months and now faces two possible paths: a resurgence in demand or a deeper accumulation phase.
Bitcoin is poised to buck its usual strong November performance, but Bitfinex analysts suggest demand could return very soon.
November has historically been Bitcoin’s (BTC) strongest month, posting an average return of 40.82%, according to CoinGlass. However, October closed down 3.69% — despite typically delivering average gains of around 19.92% — leading some to question whether seasonal trends are still worth considering.
“We are also on track to close November in the red,” Bitfinex analysts said in a Tuesday report, as the asset’s price traded 20.60% below its price at the beginning of the month.
