Bitcoin (BTC) speculators are betting on a good month for Bitcoin price action, as November has traditionally seen strong gains for US stocks.
Data shows that November was the most profitable month for the S&P 500 since 1985.
There will be strong competition in November 2021
With Uptober already the biggest month in terms of bitcoin earnings in 2021, chances are high that the stock will act as a catalyst for further growth in Moonvember.
Average growth for the S&P 500 in November over the past 35 years was just over 2%, making it the only month in which such an average return could be achieved.
At the same time, there has been a positive return of more than 70% over the years, and the history of Bitcoin is similar.
In November, the BTC/USD exchange rate turned out to be higher than it was initially, with the exception of two years: 2018 (-36.5%) and 2019 (-17.2%).
On the other hand, in 2020, growth is 43%, leaving the door open for a second match in line with expectations.
BTC/USD monthly rate of return for the payout table. Source: Bybt
An unstable but ultimately highly profitable month is expected when Bitcoin approaches its Q4 peak, according to a Cointelegraph report.
“The highest monthly close in history. Congratulations on Bitcoin and congratulations to everyone,” the optimistic tech specialist summed up on November 1.
“We are now approaching the second monthly peak of the RSI, just like all previous cycles. And even close to the peak. Trust the indicators.”
TechDev is considering either repeating the top-chain of 2017 or gold in the 1970s, both of which could send BTC/USD in excess of $100,000.
Violations on the way to stocks and bitcoins
Bitcoin’s relationship with traditional markets has become a topic of study in recent months as the cryptocurrency has begun to make its way away from the overall asset.
Related: Uptober Closes at Record High in Best Month of 2021 – 5 Things to Look for in Bitcoin This Week
A test of trader identification may come as early as this week when the Federal Reserve prepares fresh comments on phasing out asset purchases.
In the case of Bitcoin, the decision to allow or ban the use of a regulated spot trading fund (ETF) in the US this month could steer price action away from expectations, especially if rejection emerges.
While speakers noted the slowness in tracking other countries, VanEck – one of more than 40 applicants – said he plans to apply to launch an ETF website in Australia.