After making a move to the upside, the bulk of the cryptocurrency market seems to be stopping its progress, but the crypto community remains positive on Bitcoin’s (BTC) price for the end of November.
According to the most up-to-date information obtained by Finbold on October 31 from CoinMarketCap’s price projection tool, Bitcoin will trade at a median price of $21,006 on November 30, 2022, based on community votes.
As of press time, 18,919 votes have been cast predicting that the price of the decentralized finance (DeFi) token would climb by $491.71 or 2.40 percent from its current price of $20,514 by the end of the month.
In terms of longer-term forecasts, the community is somewhat less enthusiastic, predicting that Bitcoin would trade at a median price of $21,002 by the end of December 2022.
Charts show that the current price of Bitcoin is $20,514, a decrease of 1.43% on the day, but an increase of 6.15% over the previous week and 6.11% over the previous 30 days.
Since the beginning of the year, the leading digital asset has been following the market’s downward trend. In particular, it has decreased by as much as 55.70 percent from $46,310 on January 1, 2022.
In addition, crypto trading guru Rekt Capital thinks that a “bearish BTC Monthly Close would occur if BTC closed below green $20K support,” which would be “a 2nd consecutive Monthly Close below $20K,” he stated on October 31.
In addition, according to his tweet: Given that BTC abandoned the green-red zone in September, such a closure might lay the stage for BTC’s negative continuation.
As previously reported by Finbold, the latest forecasts follow the rebound of the first cryptocurrency, which climbed beyond $20,000 in recent days, adding $30 billion to its market valuation. Its current market capitalization is $393.98 billion.