3 Biggest Crypto Predictions for November 2022
As October draws to a close, the crypto market has managed to ignite hope for investors and traders with some quick mid-week gains.
The global crypto market cap tested the $1 trillion mark on October 26, with Bitcoin (BTC), Ethereum (ETH) and most altcoins notching record gains on their daily chart. The greens on the daily and weekly charts tempted investors to return to the crypto market, increasing trading volumes and short liquidations.
Still, much like everything else, the gains, rallies and bullish sentiment were limited. The battered BTC price action soon fell victim to consolidation, and the rest of the market followed suit as the global crypto market cap fell to $990.39 billion at press time.
Bitcoin and the larger crypto market’s sudden gains opened the door for bullish speculation into the month of November. Here are the top 3 crypto predictions for November 2022, looking at the macro movement of crypto assets:
Bitcoin price at $30,000
The first crypto prediction for November 20202: Bitcoin price down 70% from November 2021 peak price of $69,000 After almost a year after the BTC price made a new all-time high, many in the market expect the price action to pick up again.
Recent rallies of 8% weekly gains freed BTC price action from the range-bound momentum it had been moving into for nearly a month. Data from Messari showed that the BTC price ultimately rose by almost 16% from the June 2022 cycle low.
Despite short-term uncertainty, data from CryptoQuant presented a healthy long-term chain view of the top crypto. A long-term bullish trend was that BTC reserves continued to trend down while USDC reserves continued to be distributed.
Aside from that, Bitcoin’s weekly price chart showed price action diverging from the long-term downtrend that has been in place since March 2022. Furthermore, BTC’s RSI also appeared to pivot from the long-term downtrend that was in play since November 2022.
Bitcoin price breaking above the $23,900 mark in November could help the uptrend to the $30,000 resistance level.
That said, recent findings from Matrixport predicted that BTC could start rallying, reaching $63,000 by March 2024, when the crypto would undergo a mining reward halving. The forecast was made by Matrixport’s Markus Thielen, who bases the assumption on the fact that BTC may repeat the bullish price action seen ahead of the July 2016 and April 2020 halvings.
During both pre-halving time periods, the Bitcoin price started to take off 15 months before the halving. According to this assumption, BTC price may start its bullish momentum next month.
Ethereum price at $2000
The second crypto prediction for November 2022: Ethereum already has investor eyes glued to its price after gaining nearly 20% in the past week. The ETH price managed to clear the crucial $1,500 resistance, trading at $1,534 at press time.
Last year, ETH managed to outperform Bitcoin in terms of gains, but throughout 2022, ETH quietly followed BTC’s lead. However, in the past week, the ETH rate saw higher gains than the BTC price and most of the top 100 cryptos by market cap.
For the ETH price in particular, the In/Out of Money Around Price provided some resistance at the $1554 mark, after which ETH’s path to the $2000 mark could be clear.
With the long-term MVRV ratio beginning to reverse and exchange outflows with large withdrawals, the ETH price may be preparing for a breakout. An Ethereum price breakout above the $1,750 mark could confirm ETH’s bullish price action above $2,000 in November.
Altcoin season is upon us
The Third Crypto Prediction for November 2022: Altcoins have taken a back seat for most of this year, with Bitcoin consolidation paving the way for bigger market losses. Despite a few mid-cap altcoins occasionally pumping, there hasn’t been much action for altcoins.
However, that could change for the better, with the Bitcoin price turning bullish. In particular, the altcoin market capitalization appeared to be charting a recovery from the lower $900 billion mark.
Although the altseason index still showed no signs of an altseason in play, it tested an important support barrier.
A move by the Altcoin Season Index above the 75 mark could mark the beginning of an alt season in November. If the Bitcoin price above $30,000 scenario plays out well, altcoins could continue to rise in tandem with the top crypto.
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