November dip came already in the second week of the month when the majority of cryptocurrencies started to decline and with the market, BTC started to go down as well.
The price of Bitcoin declined from the value of over 6,480$ as recorded on November 8th to its new low of under 4,400$ in the course of only two weeks.
The dips are definitely affecting the market as cryptocurrencies only had one day on November 20th to acquire enough momentum for a rebound.
During November 20th, BTC went up by 3% against the fiat, but it soon dropped back with another se6t of negative trends in the market.
As the month is coming to an end, holders and investors are wondering whether Bitcoin will acquire enough momentum for a possible increase in December 2018.
Bitcoin Price: Is There Enough Momentum for a Possible Increase in December 2018?
This month have brought a prolonged dip to the cryptocurrency market so we can witness some major losses across and beyond the list of top trading cryptos.
Bitcoin wasn’t immune to the dip either, still dropping against the fiat after a single day of collecting 3% of gains in an attempt of making a rebound. However, we can see BTC going back down again.
Bitcoin additionally dropped by -45% on its year to date chart, also showing losses on monthly and weekly charts, as it slowly climbing up in the last couple of hours, however still in a dip by -1%.
Even though the market is dominated by negative market trends, many analysts are expecting to see BTC in a rebounding phase already in December 2018 altogether with the rest of the market.
Bitcoin (BTC) Price Today – BTC / USD
On the other hand, some analysts are implying that the market will continue with the dip even after 2018.
November dip, although terrifying for investors isn’t the first of that kind, as it appears that the market is dipping at every two months in 2018.
That being said, December could become a green zone for Bitcoin and cryptocurrencies, potentially taking BTC back to its price of 6,300$ as seen on November 8th.
Can Bitcoin Break the Resistance of 6,000$ in December?
Bitcoin altogether with the rest of the market is going through a prolonged dip, but investors are still positive that December will bring some serious gains as November is coming to an end.
Looking back on December 2017 and January 2018, many are expecting to see similar trends coming back in 2018 as well, predicting that the New Year’s hype will pull the market out of the dip.
However, Bitcoin might not be able to get back to the value of 6,000$ by the end of December in case the gains collected in a potential rebound aren’t enough to cover all losses during the last several weeks.
While many are confident that BTC will take a spike against the fiat in December, some claim that Bitcoin might even go under 4,000$ in the upcoming weeks based on the present market trends.