On October 31, the price of Bitcoin (BTC) was in lateral trend. On Thursday, the price of the cryptocurrency bitcoin broke its sprint after a period of three months when Bitcoin prices fell to $6,300 price level and begun another range bound movement. The prices of Bitcoin were fluctuating over $6,300 price level.
The leading crypto Bitcoin closed yesterday at an exact $6,320, which is less 4.32% from the opening prices ($6,606) on October 1. In the months – August and September, it has been seen a drop in the prices of Bitcoin. As per the reports, there was a drop of 9.22% and 5.8%, respectively.
Hsaka, a technical analyst, said that this low volume of the leading cryptocurrency Bitcoin can result in BTC remaining in that tight range ($6,300 – $6,400) over the next month. He further added that with this volatility and volume fading away, it won’t be a surprise for him to see Bitcoin holding the same range for another month or maybe for till the end of the year too.
Previous Trend in BTC Prices
This strange fluctuation in the prices of BTC happened in the year 2015, where crypto suffered losses for the three back to back months. At that time, BTC was at around $250 in average and drop in the prices were 4% in March, 2.8% in April, and around 2.7% in May, respectively.
However, it has been seen that drop in the October month (4%) is the lowest among the last three months. In June 2015, after posting losses in the previous three months, BTC recovered by 14%.
BTC Prices in November
As per the past trends and technical studies, it is expected that the prices of BTC will repeat the pattern again and it is possible for BTC to snap its losing streak of last three months in November.
Previous reports show that the cryptocurrency BTC, in November, has always shown a gain in the chart. No doubt, the year 2011 is an exception where the prices reduced by 8.6%.
It is also to be noted that price rise seen in November 2013 was BTC’s best ever monthly performance so far. The rise in the prices was around 467% .