Bitcoin ‘Moonvember’ begins as data shows November is best month for S&P 500

BTC (Bitcoin) bulls expect a strong month in BTC price action. November is known for seeing strong gains in US stocks.

According to data, November was the most successful month for S&P 500 since 1985.

November 2021 is a tough month

Stocks could be a catalyst to further upside in Moonvember, with “Uptober” already being the largest month for Bitcoin gains in 2021.

The median S&P 500 return in November has been less than 2% over the past 35 year. This makes it the only month with such high median returns.

Nevertheless, more than 70% of years have seen positive returns. Bitcoin’s history is similar.

BTC/USD ended November higher than it began, with the exception of two years: 2018 (-36.5%) & 2019 (-17.2%).

2020 saw 43% growth, which leaves the door open to a rematch.

Table of monthly returns for BTC/USD. Source: Bybt

These predict a volatile, but ultimately very beneficial month for Bitcoin as it approaches its Q4 peak.

“Highest monthly close in the history of TechDev. Congratulations Bitcoin, congrats to y’all,” a TechDev summary on Nov.

“We are now heading towards our second monthly RSI peak, just like every cycle before. There is no top. The indicators are reliable.”

TechDev is interested in either a copycat retrace 2017’s top sequence, or one of 1970s gold. Both are likely to send Bitcoin/USD far beyond $100,000.

Good morning bulls. It’s going to be a busy month for #Bitcoin. We are about to discover which path we are on. pic.twitter.com/qbvPIvWLC2
— TechDev (@TechDev_52) November 1, 2021

Stocks and Bitcoin hit a bump in the road

As Bitcoin begins to move away from macro, the relationship of Bitcoin to traditional markets has been under scrutiny.

Related: “Uptober” closes at a record high in the best month in 2021 — 5 things you should be watching in Bitcoin this week

As the Federal Reserve prepares its new comments about asset purchase tapering, a test of trader resolve could be conducted as soon as next week.

Bitcoin’s decision to allow an ETF (regulated exchange-traded funds) in the U.S. may this month steer price action away from expectations, especially if it is rejected.

Proponents complain about slowness in following other nations. VanEck, one of more than 40 applicants, has said it is considering applying for a spot ETF to be launched in Australia.

https://cointelegraph.com/news/bitcoin-moonvember-begins-as-data-shows-november-is-best-month-for-s-p-500