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- Crypto market could see a notable bullish rally this Moonvember
- Historical data shows that November has always been the best month for financial markets
- There are some hurdles in the path of BTC this month, but some bullish factors could propel the price
Crypto market has seen notable uptrends in Uptober after facing several turbulent months. Although the market has gained mainstream attention with several soaring prices, many are excited to see its further movements. However, according to analysts and financial experts it is estimated that in November, it may turn out to be a race between traditional stocks market and the overwhelming cryptocurrency market. Indeed, the historical data shows that November is the best month for S&P 500. On the other hand, Bitcoin bulls are observed betting on a solid month for the leading crypto coin’s price action.
November as the best month for US stocks market
Following the historical data, it is observed that November has continued to be one of the best months for the United States stock market. Indeed, since 1985 it is observed that the S&P 500 performs incredibly in November. However, this Moonvember has some stiff competition. In contrast, Uptoberhas already witnessed new all-time highs in terms of prices in the Bitcoin and the crypto market. Analysts believe that stocks could act as a catalyst this month for further upside trends in the cryptocurrency market.
Notably, Median S&P 500 over the last 35 years has been calculated to just more than 2%. And November remains the only month to achieve those median returns. Simultaneously, more than 70% of the years have witnessed positive returns, and BTC’s history is also quite similar.
Crypto market sees gains in Moonvember
Following the historical data, the Bitcoin and US dollar pair has always ended up higher than when it started. Except two bearish years, 2018 and 2019, the coin has always witnessed notable gains. Last year, Bitcoin conversely saw a more than 43% gain, leaving the door open for a rematch in line with the estimations.
As the coin approaches its Q4 peak, a volatile but beneficial month is always predicted. According to an optimistic TechDev, Bitcoin is heading towards the second monthly RSI peak like every cycle before. Observing the movements on November 1, 2021, TechDev concluded that the flagship coin sees its highest monthly close in history. Hence, now the analyst eyes that all the indicators are apt to send the digital currency far beyond $100k.
Hurdles could be faced by stocks and cryptocurrency
In recent months, we have observed that the crypto market has carved out its own path away from the macro assets. Following the scenario, the relationship between the traditional stocks market and the crypto market has come into examination. In contrast, the Federal Reserve is preparing for new comments on asset purchase tapering, hence a test of investors resolve may come as a bump. However, a green signal from the US Securities and Exchange Commission (SEC), for a spot BTC ETF could propel the prices in the crypto market this month.
