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Bitcoin price continues to close above $34,000, increasing investors’ expectations for November. If there are no significant negatives on the Fed front, we may see the continuation of the market recovery next month. Just like October, November historically has been one of the months with the highest increase.
Bitcoin (BTC) Price Analysis
BTC has continued its upward trend with a 26% increase in October. November represents a period beyond October in terms of average historical performance. In November 2013, BTC increased by 449%, and in 2017 and 2020, it increased by more than 40%. Therefore, investors are optimistic.
At the time of writing, BTC is at $34,000, and daily closing prices continue at higher levels. Although the decrease in volume is negative, the daily chart suggests that the increase may continue if $33,720 is maintained. So where will be the target in case of a possible decline? Although there are intermediate stops, the main support area is expected to be around $31,880.
To prevent a reversal of the uptrend, a monthly closing above $32,000 is important, and we may see an increase in volatility depending on the upcoming weekly closing, especially as we enter the Fed week.
Ethereum (ETH) Analysis
While BTC price is rising in a low-volume market, why is ETH not rising? Actually, the answer is in the first sentence. ETH does not receive enough demand because there is no volume. Although it is well demanded compared to other alternative cryptocurrencies in terms of market value, it needs more. For an impressive increase in the ETH price, volumes need to stabilize above $100 billion daily.
While a crypto like X attracts millions of dollars in volume and doubles or triples, ETH requires hundreds of millions of dollars. To return to price, it is crucial to maintain support at $1,760 for an upward movement. Otherwise, a decline to $1,640 and $1,546 may be observed.
For a real rally, a daily closing above $1,850 is needed. The next medium-term target could be $2,140.
XRP Coin Price Prediction
We recently mentioned the $0.583 region for XRP Coin, but for now, the price cannot reclaim this area. If the price loses this level, sales can deepen to $0.49 and $0.44, as we warned about the $0.53 target.
However, daily closings above $0.583 will bring back the $0.74 and $1.36 targets. The intermediate levels are $0.63, $0.94, and $1.23.
