Bitcoin’s trajectory is uncertain this November, with its historical performance being called into question by Bitfinex analysts. October saw Bitcoin drop by 3.69%, a deviation from its typical increase. This raises doubts about whether past seasonal trends remain valid as the cryptocurrency markets evolve.

“We are also on track to close November in the red,” said Bitfinex analysts in a recent report.

Bitcoin Price Decline October and November have typically been the two strongest months for Bitcoin. Source: CoinGlass

Currently, Bitcoin is priced at $87,305, as per CoinMarketCap.

In their analysis, Bitfinex noted unusual patterns, suggesting demand might return. Traders, like Merlin The Trader, express cautious optimism, highlighting the potential for a rebound despite existing low sentiment.

“Low sentiment. Bullish seasonality. The perfect setup,” he expressed.

Recent data indicates a slight uptick in whale activity, with a 0.47% rise in wallets holding over 100 Bitcoin, hinting at renewed interest despite market hesitance. December historically trends quieter, offering modest gains. Additionally, it’s crucial to consider-bitcoin holders from prior price levels may now capitulate losses as the market oscillates.