Bitcoin Price Bottom Due 'this Week' With BTC Down 20% In November

Bitcoin losses remained near 20% for November, risking its worst 11th month since the 2018 bear market, but AI predicted a bottom coming this week.

Bitcoin (BTC) is on course for its worst November since 2018, but a new forecast sees a BTC price bottom this week.

Bitcoin is on track to seal its weakest November performance since the 2018 bear market.

December has historically produced identical price action after “red” November months.

AI predicts that BTC/USD will form a local bottom this week.

Bitcoin remains in bear market territory ahead of the November monthly close, its drawdown versus October’s all-time highs hitting up to 36%.

Data from monitoring resource CoinGlass shows that at $87,500, Bitcoin is still down 20% this month.

CoinGlass confirmed that such bearish performance has been absent from the charts since 2018, the year following another bull run that peaked at $20,000.

“Every time Bitcoin has had a red November, December has also ended red,” Sumit Kapoor, founder of crypto trading community WiseAdvice, commented on the data in a post on X.

Since 2013, the average November gains for BTC/USD have been in excess of 40%, while December has been much more muted, resulting in a 5% average upside.

Source: CoinTelegraph