After making an upwards turn, the majority of the cryptocurrency market seems to be slowing down its advance, but the crypto community is still bullish on its largest asset – Bitcoin (BTC) – in terms of its price for the end of November.

Indeed, the CoinMarketCap community votes assembled through the platform’s price estimate tool are currently projecting that Bitcoin will trade at a median price of $21,006 on November 30, 2022, as per the latest data retrieved by Finbold on October 31.

As things stand, 18,919 votes cast by press time predict that the price of the decentralized finance (DeFi) token by the end of the month would increase by $491.71 or 2.40 % from its current price, which was $20,514, at the time of publication.

As far as longer-term predictions are concerned, the community is slightly less bullish, expecting that Bitcoin will be changing hands at the median price of $21,002 by the end of December 2022.

Bitcoin price analysis

Meanwhile, the price of Bitcoin stands at $20,514, down 1.43% on the day, but up 6.15% across the previous seven days, as well as up 6.11% over the past 30 days, as charts demonstrate.

Since the year’s turn, the flagship digital asset has been moving in a downward pattern, along with the rest of the market. Specifically, it has declined as much as 55.70% from $46,310, where it stood on January 1, 2022.

Bitcoin year-to-date (YTD) price chart.

Furthermore, crypto trading expert Rekt Capital believes that a “bearish BTC Monthly Close would take place if BTC closed below green ~$20K support,” making it “a 2nd consecutive Monthly Close below ~$20K,” he explained on October 31.

Furthermore, according to his tweet:

“And seeing as BTC lost the green-red range in Sept, such a close could set BTC up for bearish continuation.”

Cushion against rate hikes?

The new predictions follow the recovery of the maiden cryptocurrency which rose above $20,000 in recent days, adding $30 billion to its market capitalization, as Finbold reported earlier. Its market cap is now back to $393.98 billion.

At the same time, the author of the personal finance book ‘Rich Dad, Poor Dad’ Robert Kiyosaki has pointed out that Bitcoin can offer a cushion to investors amid interest rate hikes that he believes will be detrimental to stocks, bonds, and real estate.

 

 

 

 

 

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.