The 3 Big Crypto Predictions for November 2022

Total crypto market capitalization tested the $1 trillion mark on October 26, with Bitcoin (BTC), Ethereum (ETH), and most altcoins seeing record gains on their daily chart. The green of the daily and weekly charts thus prompted investors to return to the digital currency market, sending trading volumes and short position liquidations skyrocketing.

However, as with everything else, the gains, rallies and bullish sentiment proved to be limited. BTC’s price action quickly fell prey to consolidation, and the rest of the market followed suit. So, at the time of writing this article, the total crypto market capitalization has fallen back to $990.39 billion.

The sudden gains of Bitcoin and the entire crypto market have thus opened the doors to bullish speculation for this month of November. So here are the 3 biggest crypto predictions for November 2022, based on the macro movement of digital assets:

Bitcoin price at $30,000

The first crypto prediction for November 2022: Bitcoin has fallen 70% from its all-time high of $69,000 hit in November 2021. Almost a year after BTC hit a new all-time high, many in the market are s expect a recovery in price action.

The recent weekly gains of 8% thus freed the Bitcoin price action from the tight range momentum it had been trading in for almost a month. Data from Messari shows that BTC has finally gained nearly 16% from its June 2022 cycle low.

Despite the short-term uncertainty present, CryptoQuant’s data presented a healthy long-term on-chain outlook for major cryptocurrencies. One of the long-term uptrends is the continued downward trend in BTC reserves, while USDC reserves continue to roll out.

Apart from this, the Bitcoin price weekly chart showed that the move deviated from the long-term downtrend in play since March 2022. Additionally, the RSI of BTC also appeared to deviate from the downtrend at long term ongoing since November 2022.

The price break above the $23,900 mark during the month of November could fuel the uptrend towards the $30,000 resistance level.

That said, recent findings from Matrixport predict that the price of BTC could begin to recover to $63,000 by March 2024, when the crypto will experience a halving (known as a halving) in mining rewards. This forecast was made by Markus Thielen of Matrixport, who bases his assumption on the fact that BTC could repeat the upward price movement seen during the period leading up to the halving of July 2016 and April 2020.

In the two periods leading up to the halving, Bitcoin price started gaining ground 15 months before the split. According to this hypothesis, BTC could start its bullish momentum next month.

Ethereum at $2,000

The second crypto prediction for November 2022: Investors already have their eyes on Ethereum price as the asset rallied nearly 20% in the past week. ETH thus managed to break above the crucial $1,500 resistance, trading at $1,534 at the time of this article’s layout.

Last year, ETH managed to overtake Bitcoin in terms of gains; however, throughout 2022, ETH has calmly followed BTC’s lead. Last week, however, Ethereum posted higher gains than Bitcoin and most of the top 100 cryptocurrencies by market capitalization.

ETH in particular faced some resistance at the $1,554 mark, after which its route to the $2,000 mark might be clear.

As the long-term MVRV begins to reverse and exchange exits note significant pullbacks, ETH price could be bracing for a breakout. Ethereum’s advance above the $1,750 mark could thus confirm its bullish action above $2,000 in November.

An upcoming altcoin season

Third crypto prediction for November 2022: Altcoins have been on the back burner for most of this year, with Bitcoin consolidation paving the way for deeper market losses. Despite a few mid-cap altcoins posting occasional rises, not much action has been seen for altcoins.

However, the situation could change for the better, with the Bitcoin price going up. The market capitalization of altcoins, in particular, seems to be recovering from the low mark of 900 billion dollars.

Even though the altseason index is still not showing signs of an altcoin season, it has tested a key support barrier.

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