Bitcoin has completed another successful October, bringing smiles to investors‘ faces. Following a nearly 30% price increase, referred to as “Uptober” in the Bitcoin community, Bitcoin achieved its highest monthly close since May 2022. Now, let’s explore the possible scenarios for Bitcoin price in November and the upcoming period.
Data from TradingView shows that Bitcoin investors have successfully maintained the strength of Bitcoin price until November 1st. After a period of high volatility in mid-October, investors weathered the month with a similar rise in early October.
According to the blockchain data analysis platform Coinglass, October marked the second-best performing month of 2023. Bitcoin gained 28.5% in value, falling behind the 39.6% increase in January.
Noticing this development, prominent investor Bluntz warned about the discount that indicates a high timeframe weekly range breakout. The renowned investor stated that this current situation resembles October 2020 and April 2019, where the BTC/USD pair entered an upward phase lasting for several months.
In addition to all these developments, macroeconomic data released today is one of the main agendas of the week. This indicates volatility in the markets. It happens as the Federal Reserve announces its interest rate policy in a tested inflation environment. Fed Chairman Jerome Powell will deliver a speech and hold a press conference.
According to the latest data from CME Group’s FedWatch Tool, the probability of this possibility currently stands at 98%. Popular investor Crypto Tony, who interprets the potential chain effects on BTC price movements, expressed his expectation of more volatility and movement when the speech begins and the data is released:
“Personally, I expect a pause and no increase, so I anticipate a $36,000 hit in these data after a fake drop.”