November will be a difficult month for bitcoin, but in the winter the situation will improve, and signals will appear to the resumption of expansion. This is the opinion of the Skew service analysts who published a series of posts on Twitter with a forecast on the further dynamics of the movement of the first cryptocurrency.
They believe that BTC will suffer losses this month. Experts came to this conclusion by comparing the dynamics of the movement of the coin with last November, then, recall, bitcoin sales increased sharply.
Options skew analysis tells us market is
- bearish short-term (end of November)
- neutral medium-term (end of December)
- bullish long-term (March 2019 & beyond) pic.twitter.com/EoXqYEzOcn
- skew (@skewdotcom) November 18, 2019
In the medium term, significant changes in the market are not expected. From December 2019 until the beginning of March 2020, we will be waiting for the preservation of weak BTC volatility.
The “bullish” cycle will return approximately at the beginningspring, according to analysts at Skew. Moreover, the market will enter a long phase of growth, which may lead Bitcoin to achieve new highs. Among the factors that positively affect the dynamics of the BTC movement, we can single out the adoption of cryptocurrency legislation in Hong Kong and an increase in the number of products for institutional investors that contribute to their more active entry into the industry.
Bitcoin depreciation in November of this year,most likely, it was the result of a statement by the Chinese authorities that called for the separation of the blockchain from digital currencies. Fears appeared in investors' camp that Beijing would resume repressions against holders of digital assets, which provoked a new round of BTC sales.