November is historically bitcoin's best performing month, is this one different?

According to James Todaro, Managing Partner at Blocktown Capital, November has been one of the best performing months for Bitcoin.

"November has been historically one of bitcoin's greatest performing months dating back to 2012. November 2018 was the main exception. BTC is presently up only 1.5% for November 2019What will the next 3 weeks bring?".

Last November, the Bitcoin price fell from around $6,500 to $3,700 by more than 43 percent against the U.S. dollar, after ranging for nearly three months in between $6,000 and $7,000.

Why analysts are divided on how Bitcoin would perform this November.

Bitcoin is up by more than 100 percent year-to-date, increasing from sub-$4,000 to $9,300 from January.

Still, some technical analysts remain cautious about whether Bitcoin could overcome the "Psychological level" at $10,000 in the short term, as sell pressure builds with stacked limit sell orders on major cryptocurrency trading platforms.

Josh Rager, a cryptocurrency trader, noted that before investors begin to lean towards a bullish scenario for bitcoin, it is important to take into consideration the abrupt 10 percent drop in the price of BTC on CME earlier this week.

"Interesting situation in the market with the CME Bitcoin futures price gap being 'filled' - though price didn't close through it. These were large sell orders so before you get mega bull on this you need to ask yourself why did this happen."

As said by a trader who operates as "Dave the Wave," most traders who lean bearish for the short term trend of Bitcoin remain bullish for the medium to long term.

One variable in the medium to long term trend of Bitcoin on the side of fundamentals is governments that were previously prohibiting most industries related to cryptocurrencies slowly opening up to BTC. This week, the government of China removed Bitcoin mining as one of the industries the government wanted to remove last year.