bitcoinOctober had a great month, jumping from $43,400 to $57,500, gaining 32 percent in just two weeks. However, this upward momentum was broken for the first time this month, with Binance’s new decisions regarding China. But analysts are cryptocurrency believes that the best is yet to come for its unit and that it will most likely reach an all-time high in November.
Binance is withdrawing its products and services from its users around the world. On Wednesday, the exchange announced that it will delist OTC (over-the-counter) transactions in the Chinese yuan (CNY) at the end of the year. It will also restrict access to users in China.
“If some users are found to be in mainland China, their account functionality will be restricted to allow withdrawals only. Users will only be able to withdraw their assets, cancel trading orders, cash or close their positions.”
Immediately after the news, Bitcoin slumped from $56,300 to $55,000. It has since fallen further and is trading at $54,790, down 4.67 percent in the past 24 hours.
Alongside the Binance news, some analysts believe it weighs on Bitcoin. altcoin blamed the decline in the market. Ethereum is down 1.5 percent, while Filecoin and Shiba Inu are down over 10 percent.
Things could get worse for Bitcoin before the current situation improves. As we previously reported, Fairlead Strategies founder and analyst Katie Stockton stated that Bitcoin could fall as low as $48,000 before reaching higher highs.
However, most analysts believe that despite the drop, Bitcoin is on its way to another historic high. One of them is Rosh Singh, CEO of cryptocurrency trading company Quadency:
“Most analysts are predicting an all-time high in November, and there is likely a rally to continue until January, February.”
One of the reasons analysts are on the rise is the rise of institutional transactions in the Bitcoin space. Data from Glassnode shows that especially large-scale transactions over $10 million have been increasing rapidly in recent weeks.
Armando Aguilar, digital asset strategist at Fundstrat Global Advisors, told MarketWatch that he expects Bitcoin to hit $70,000 in November, based on the stock-to-flow model.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.