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November was the worst month for bitcoin and other cryptocurrencies with bitcoin prices down more than 40% in just a month. Bitcoin's price has always lowered the prices of other cryptocurrencies with it.
Bitcoin and November
Bitcoin was trading around $ 6,500 at the beginning of November before the incident began to bring down the price to an annual low of $ 3550. Bitcoin also suffered similar incidents, but the current incident is considered the strongest crash ever occurred at around 45%. The stock had previously been achieved in April 2011 when the bitcoin fell by 39% and people started to call bitcoins a bubble and a fraud.
Even the price, but bitcoin's market capitalization has shrunk from around $ 113 at the beginning of the month to around $ 70 billion now. The main support of the bitcoin when it was trading above the $ 6000 range was between $ 5800 and $ 5900. Once this support was solved, it was easy enough to bring the price down to less than $ 4000, since there was no another strong support in the middle. After reaching $ 3550, once the bitcoins began to correct analysts, they predicted that the minimum was not yet reached even after bitcoin had again surpassed $ 4000. According to analysts, the minimum bitcoin will be around $ 2500, which has not yet been reached and perhaps the bitcoins can arrive soon. In addition, other prominent people such as Vinny Lingham, the founder of Civic Blockchain, have predicted that the market will remain bearish for months starting now.
Ethereum, the third highest cryptocurrency by market capitalization, also fell from $ 200 to about $ 100, or about 50%.
What's up?
Bitcoin is currently trading around $ 4197 according to CoinGecko after recovering from yesterday's low of around $ 3950. The price of the bitcoin could collapse and test support near $ 3500 once again as the bitcoin price seems to repeat market patterns 2014-15 when the bitcoin was rather bearish. Analysts predict losses in the near future and if the support around $ 3500 is broken this time, the bitcoin could fall below $ 2500.
