Caution In The Crypto Market: Expert Warns Of Bearish Phase Unfolding This November

Market Outlook: Expert Warns of Bearish Phase in November

A market expert warns that the crypto market is showing signs of a bearish cycle unfolding this November, with key indicators pointing to potential further declines.

• Bearish Cycle Underway: Analyst CryptoBirb notes the market is already ten days into a bearish phase. On-chain data suggests the cycle is mature, with 1,078 days since the November 2022 low and only 17 days remaining in the typical peak window, which closes around November 20. The expected rally to a cycle top has failed to materialize.

• Bitcoin's Struggles: Bitcoin's price action supports this view. It is down 16% from its all-time high and has faced repeated rejections near the $113,000-$114,000 range. It is currently trading below its 200-day simple moving average. Historically, a negative start to November often signals a cycle shift.

• Contributing Bearish Factors: Researcher DeFiIgnas outlines several headwinds, including the speculative AI bubble, bullish news failing to boost prices, uncertainty from entities that collapsed in October, and selling by long-term holders. Negative ETF flows also contribute to the concerns.

• Potential Bullish Counterpoints: Despite the prevailing sentiment, some factors could support a recovery. These include potential Federal Reserve interest rate cuts, a lack of market euphoria, steady institutional adoption, and the possible passage of a US crypto market structure bill. Historically strong Q4 performance and record-high stablecoin supply also offer potential support.