The news and analysis surrounding bitcoin in the past five months aren’t encouraging, especially for a short-term investor.
Surprisingly, crypto enthusiasts keep self-motivating themselves hoping that “this time shall pass”.
But from an analysis from Bloomberg saying bitcoin is in its final bear market to a report by the Standard Chartered Bank that bitcoin might fall to $5,000 next year, it is obvious that cryptocurrency trading isn’t for the faint-hearted.
Compared to what the price of Bitcoin was last month (October 2022), crypto traders and investors saw BTC price decline from $20,000 to below $16K temporarily on November 14 and 22.
It was a month when crypto enthusiasts were still trying to recuperate from the news of the FTX’s bankruptcy filing.
Some people believed that November was the most troubled month for crypto following the collapse of the once second-largest crypto exchange in the world. It raises the question of the future of bitcoin if exchanges keep collapsing.
From all the analysis since the fall of Terra LUNA, 3AC liquidation, Celsius bankruptcy, and the collapse of FTX, here is the overview of Bitcoin price from November 1 to November 30, 2022.
| Date | High for the day | Close |
| Nov 1 | $20,647.29 | $20,485.27 |
| Nov 2 | $20,742.81 | $20,159.50 |
| Nov 3 | $20,382.10 | $20,209.99 |
| Nov 4 | $21,209.56 | $21,147.23 |
| Nov 5 | $21,446.89 | $21,282.69 |
| Nov 6 | $21,345.38 | $20,926.49 |
| Nov 7 | $21,053.25 | $20,602.82 |
| Nov 8 | $20,664.61 | $18,541.27 |
| Nov 9 | $18,590.46 | $15,880.78 |
| Nov 10 | $18,054.31 | $17,586.77 |
| Nov 11 | $17,650.94 | $17,034.29 |
| Nov 12 | $17,066.68 | $16,799.18 |
| Nov 13 | $16,920.77 | $16,353.37 |
| Nov 14 | $17,109.32 | $16,618.20 |
| Nov 15 | $17,051.96 | $16,884.61 |
| Nov 16 | $16,960.30 | $16,669.44 |
| Nov 17 | $16,726.44 | $16,687.52 |
| Nov 18 | $16,947.06 | $16,697.78 |
| Nov 19 | $16,797.88 | $16,711.55 |
| Nov 20 | $16,746.78 | $16,291.83 |
| Nov 21 | $16,291.22 | $15,787.28 |
| Nov 22 | $16,253.05 | $16,189.77 |
| Nov 23 | $16,638.19 | $16,610.71 |
| Nov 24 | $16,771.48 | $16,604.47 |
| Nov 25 | $16,603.32 | $16,521.84 |
| Nov 26 | $16,666.86 | $16,464.28 |
| Nov 27 | $16,594.41 | $16,444.63 |
| Nov 28 | $16,482.93 | $16,217.32 |
| Nov 29 | $16,522.26 | $16,444.98 |
| Nov 30 | $17,190.94 | $17,168.57 |
Final thought:
From the happenings in the crypto lately, it doesn’t look like the bear market is over. No wonder Standard Chartered Bank postulates that the price of bitcoin could drop to $5,000 in 2023.
The bank’s analyst Eric Robertsen was quoted by Bitcoin News as saying more crypto exchanges could “succumb to liquidity squeezes and investor withdrawals.”
Will December price be a re-bounce for Bitcoin?