Bitcoin price prediction: November fails to impress, what about an action-filled December 2019?

  • Bitcoin continues with the bottom seeking action in readiness for a better show in December.
  • A falling wedge pattern forms to counter the effects of a recently formed death-cross.

Bitcoin is staring into a bottomless pit mid though the month of November. The past two years have seen Bitcoin start to stir movement upwards in November. However, this year Bitcoin seems to be searching for a bottom and is likely to break the historical pattern.

Following the correction from the recent high at $13,839, Bitcoin embarked on a lower high and lower low pattern. Initially, the trend was narrowing towards $10,000. However, the tightening bearish grip saw Bitcoin shift the focus to levels around $7,000.

Towards the end of October, BTC/USD made a surprise return above $10,000. The price rose above $10,500 before reversing towards $9,000. The upsurge was connected to China’s President, Xi Jinping positive remarks regarding blockchain. The Chinese government said that it was ready to support blockchain and also encouraged industries to increase research into the technology.

Meanwhile, Bitcoin is struggling to stay afloat above $8,500. Advances towards $9,000 fizzled out short of $8,800. Instead, Bitcoin has refocused its aim towards $8,000 and $7000 levels respectively.

Bitcoin also appears to have averted the dire effects of a death cross. The pattern occurs when the 50-day SMA crossed below the 200-day SMA. A death cross usually ends up in sharp devastating declines.

For now, the 50-day SMA is offering immediate support at $8,530. A forming falling wedge pattern means that a significant reversal is in the offing. Bitcoin is likely to continue with the search for a viable bottom in the rest of November. As the falling wedge pattern nears a breakout, December could be an action-filled month.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

ChainLink Price Analysis: LINK sees a 23% price bounce and it’s eying up $10

ChainLink has established a robust daily downtrend with bulls unable to come back. The digital asset is still up almost 500% since its 2020-low at $1.51. 

More Chainlink News

Top 3 Coins Price Prediction Bitcoin, Ethereum and XRP: Bulls hold at threshold, ready for takeoff

The cryptocurrency market has had an eventful week, with most actions resulting in losses. The bleeding was not selective; hence major cryptos, altcoins and decentralized finance (DeFi) tokens explored levels below key support areas.

More Bitcoin News

Central Banks move to crypto in the effort to retain control over the monetary system

Central bankers worldwide have started to realize that the era of fiat is coming to an end. Digitalization is the future, and the process of digitalization is infiltrating all spheres of life, including money.

More Crypto News

Bitcoin is allergic to the US presidential elections and immune to the COVID-19 vaccine

Over a week ago, the author of Rich dad, poor dad, Robert Kiyosaki, said that Bitcoin would crash when a COVID 19 vaccine would be approved. Many people caught up the narrative, based on the assumption that Bitcoin is used as a safe-have asst and would go don once the market sentiments improve. 

More BTCNews


Bitcoin Weekly Forecast: BTC crystal ball gives bulls a faint flicker of hope

Bitcoin staged a healthy recovery this week. The pioneer digital currency price took off from the support area of $10,000 and touched the next psychological line of $11,000.

Read the weekly forecast