Bitcoin (BTC) Price Likely to See Its Worst Monthly Loss in 2018 In November
Bitcoin Will Probably Have Its Worse Month In 2018 In November
There is simply no way to sugarcoat it: Bitcoin is in a dire situation. The cryptocurrency, which went mainstream last year and ascended for a price that reached $20,000 USD at the peak of the hype, is facing its lowest point since then now.
In November, Bitcoin is facing its 13-month lows which will probably make November end up being the worst month for Bitcoin in 2018. At the moment, Bitcoin is trading around $4,700 USD, about 26 percent lower than its opening price of $6,320 at the beginning of November.
Until now, November has been the second-worst month for the crypto in 2018. March had a 31 percent drop and it was the worst moment. However, it the prices go below $4,200 USD, which is not slightly doubtful at this point, the monthly losses will be way above 32 percent and November will be the worst month.
However, some people think there is some hope for Bitcoin, as the token is now at its record low on the 14-day relative strength index, which means that it is in extreme oversold conditions. If the prices go up again, November may escape from being the worst month for Bitcoin. However, it is hard to imagine the prices going up very much again, so this month will probably be at loss.
The demand for Bitcoin has significantly lowered in the last few days and people are starting to doubt about the so-awaited bull run. A lot of people were absolutely certain that Bitcoin would get out of the hole with a long bullish breakout but that simply does not seem to happen.
With prices lower than $6,000 USD, the prospects are simply not good at all.
The Worse November Ever
Bitcoin may just have its worse November ever. The crypto is generally up at the end of the year and it has only lost value in November 2011 before, when it was down 8.6 percent. Its better years were 2013 (an increase of 467 percent in November due to a stellar bull run) and last year when it was up 53.8 percent.
With its price about 30% down this month, November never looked so bleak before.