CandleFocus After ‘Uptober’ plays out, what could we see in November?
2024-11-01
Author: Content Editor
In October, Bitcoin (BTC) saw a price increase of almost 11%, despite a turbulent start and a dip on Halloween. The rise was attributed to heavy inflows into Bitcoin ETFs and speculation of a possible Donald Trump victory in the US election. November historically has mixed returns for BTC, with four of the last six Novembers ending in the red. However, November has the highest average monthly return for BTC, with significant growth in 2013, 2017, and 2020. The global macroeconomic context of central banks implementing monetary loosening is seen as a favorable backdrop for BTC. However, a potential recession could disrupt the upward trend. In October, Bitcoin ETFs saw substantial demand, with inflows totaling $5.4 billion, making it the second-best flow month for the category after February.
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