The post The Biggest Crypto Predictions for November 2023 appeared on BitcoinEthereumNews.com.

The biggest November crypto predictions deal with Bitcoin (BTC), the Bitcoin Dominance Rate (BTCD), and Ocean Protocol (OCEAN). October was an extremely bullish month for the cryptocurrency market. Bitcoin and several other altcoins reached new yearly highs. BeInCrypto looks at the crypto predictions for November. Bitcoin Will Move Above $45,000 The BTC price increased significantly in October, reaching a new yearly high of $35,198. The increase was crucial since it caused a breakout from the $30,000 horizontal area. The area had acted as support twice during the previous bull run. In the two previous bullish cycles, the breakout from this horizontal area confirmed that the new bullish market cycle had begun. Read More: Best Upcoming Airdrops in 2023 After breaking out, the price increased in the next monthly candlestick, reaching the first lower high (green trendline) of the market cycle. In the current movement, the lower high is at $48,000, 40% above the current price. BTC/USD Weekly Chart. Source: TradingView Despite this bullish BTC price prediction, a close below $30,000 will invalidate the positive forecast. In that case, BTC can decrease by 40% to the closest support at $20,500. Get Bitcoin Cash (BCH) Price Prediction insight here Altcoins Will Lead the Way The BTCD has increased since September 2022. In June 2023, it broke out from the 48% horizontal resistance area, which had been in place for 760 days. This led to a new yearly high of 54.35% in October. Due to this increase, the monthly Relative Strength Index (RSI) reached a new all-time high of 61 (yellow icon). Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset. The two previous times the indicator was close to 60 (red icons) led to downward movements of…

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Filed under: News - @ November 3, 2023 4:30 pm