Analytics / Forex and Crypto News
November is a difficult month for Bitcoin, but in the winter the situation will improve, and there will be signals to resume growth. This is the opinion of the Skew service analysts who published a series of tweets with a forecast on the further dynamics of the movement of Bitcoin.
They believe that BTC will suffer more losses this month. Experts came to this conclusion by comparing the dynamics of the coin with November last year, then, recall, Bitcoin sales rose sharply.
In the medium term, significant changes are not expected in the market. From December 2019 until the beginning of March 2020, we will be waiting for the maintenance of weak BTC volatility.
The “bullish” cycle will return approximately at the beginning of spring, say, Skew analysts. Moreover, the market will enter a long phase of growth, which may lead Bitcoin to achieve new highs. Among the factors that positively affect the dynamics of the BTC movement, we can single out the adoption of cryptocurrency legislation in Hong Kong and an increase in the number of products for institutional investors, contributing to their more active entry into the industry.
The weakening of the Bitcoin exchange rate was most likely the result of a statement by the Chinese authorities that called for the separation of the blockchain from digital currencies. Fears appeared that Beijing would resume repressions against holders of digital assets, which provoked a new round of BTC sales.
During November, ICO-projects sold 416K ETH. This is the largest figure since the summer, reports Trustnodes.
According to Santiment, in August, ICO startups sold only 100,000 ETH. In September, sales of digital currency increased significantly, reaching 300 thousand ETH. In Nov